My question involves business law in the state of: Pennsylvania
I started an LLC 5 years ago in Pennsylvania. I brought a partner on board and his share is 49%. We never had a formal Partnership agreement. He never took a salary and just paid expenses. We never really made any profit after paying my salary. He now wants to dissolve the corporation. He is saying to dissolve the company I must buy out him out. My partner never made any capital contributions, he only paid expenses. He also never paid any taxes only I did. My questions are: 1. Do i really need to buy him out? 2. Is he entitled to back profits (which were very minimal) 3. If there are no assets for the company what will he be able to get out of the business upon dissolution. Thank you in advance for your help.
I started an LLC 5 years ago in Pennsylvania. I brought a partner on board and his share is 49%. We never had a formal Partnership agreement. He never took a salary and just paid expenses. We never really made any profit after paying my salary. He now wants to dissolve the corporation. He is saying to dissolve the company I must buy out him out. My partner never made any capital contributions, he only paid expenses. He also never paid any taxes only I did. My questions are: 1. Do i really need to buy him out? 2. Is he entitled to back profits (which were very minimal) 3. If there are no assets for the company what will he be able to get out of the business upon dissolution. Thank you in advance for your help.
Business Ownership: What Do I Actually Owe My LLC Partner Upon Dissolution
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