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Matthew Joseph Lapointe

Matthew Lapointe’s Answers

2 total

  • How do i legally split from LLC business (50/50 partnership), partner has business licence, i did taxes, paperwork.

    started business with life partner to help him with paperwork, he is making bad decisions leading into dept and I need to get out. I have good credit and want to keep it this way in order to become US Citizen- I do not wish to be paid out, all I ...

    Matthew’s Answer

    I refer to this kind of situation as a "business divorce." A business lawyer with LLC experience can help you extricate yourself from this business. The LLC Operating Agreement is very important as it governs whether, and how, a member may withdraw from the Company. If there is no LLC Operating Agreement, the newly revised Florida LLC Act's default rules will govern. Unfortunately, many business people get into LLCs with little or no legal guidance and then when they need to get out they find that they either don't have an Operating Agreement at all or they have a plain-vanilla Agreement that does not address the situation at hand. If this is an amicable split, a good business lawyer should be able to document your withdrawal from the Company in a manner that will relieve you of any further liability. Good luck.

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  • What do I need to do to protect myself in joining an LLC?

    I have been the manager at my nightclub, which is set up as LLC, for over two years. The club owner has offered to make me an owner/operator so that he can return to his previous job and leave the running of the club to me, with Potential benefits...

    Matthew’s Answer

    Limited Liability Companies are the entity of choice these days because they are so flexible. That flexibility can also create traps for the unwary, however. A comprehensive LLC Operating Agreement is essential. The standard, off-the-shelf Operating Agreements available on line are basic, plain vanilla forms. They do not cover essential issues such as: what are the roles of the Members? Under what circumstances may a Member be expelled? What happens to a Member's ownership interest in the Company when that Member dies, becomes disabled, or simply wants to withdraw from the Company? If these events trigger a buy-out, how will the departing Member's interest be valued? All of these issues need to be addressed in a comprehensive Operating Agreement. Call a business lawyer with experience in LLC law. Note that Florida adopted a substantially revised LLC Law effective January 1, 2014. Make sure the lawyer you hire is familiar with the new law. Good luck.

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