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50/50 llc in nj. do both owners need to pay 1/2 of all utilities etc.
Turnersville, NJ
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Posted 7 months ago in Limited Liability Company (LLC)
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my friend and I own an LLC in NJ. I am wondering this: our operating agreement states that profits and loses are 50/50. Does that mean she is responsible for half of all utilities, rent, etc.
Answers (1)
Ronald Anthony Sarno
This attorney is licensed in New Jersey and 1 other state.
Posted 7 months ago.
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Usually if the operating agreement divides profits and losses the same applies to operating costs.You might find my legal guide on selecting and hiring a lawyer helpful.
You might find my legal guide on Is it Legal? Is it Illegal? helpful. You might find my legal guide on the understanding the different court systems helpful. You might find my legal guide on legal terms used in litigation helpful. (Even if you are not filing a lawsuit this information can be useful). LEGAL DISCLAIMER Mr. Sarno is licensed to practice law in NJ and NY. His response here is not legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Sarno strongly advises the questioner to confer with an attorney in their own state to acquire more information. |
