NV state LLC laws, splitting proceeds from sale of business

Asked almost 6 years ago - Sparks, NV

MY FORMER BUSINESS PARTNER AND MYSELF HAVE JUST SOLD OUR BUSINESS. IT WAS AN LLC IN THE STATE OF NEVADA. THE MONEY FROM THE SALE OF THE BUSINESS WAS PUT INTO AN ESCROW ACCOUNT WITH INSTRUCTIONS DO BE DISTRIBUTED HOW WE SAW FIT. BOTH OF OUR NOTORIZED SIGNATURES ARE REQUIRED FOR A RELEASE OF THE FUNDS; HOWEVER NOW WE CAN'T AGREE ON A SPLIT OF THE MONEY.

Attorney answers (3)

  1. Howard Robert Roitman

    Pro

    Contributor Level 17

    1

    Lawyer agrees

    1

    Answered . Unless you can agree on a split, mediation, arbitration or some other adr process you are off to court. Court litigation is the most expensive way to solve this. Try to work out some other process.

  2. Richard Derby Williamson

    Pro

    Contributor Level 9

    1

    Lawyer agrees

    Answered . I agree with the previous answers. Litigation is very expensive and, to preserve as much of the business proceeds as possible, you may want to proceed with some form of alternative dispute resolution. Depending on your relationship with your former business partner, you two may be able to directly retain the services of a local arbitrator or mediator. However, you may also want to contact an attorney to be advised of all of your rights and to determine the best way to proceed.


    PLEASE BE ADVISED: This Answer and any information contained herein is not intended to be treated, and should not be construed, as legal advice. Rather, this Answer is offered solely for general information purposes. This Answer does not create an attorney-client relationship, nor does it create any kind of legal relationship, duty, or privilege. This attorney is licensed only in Nevada and California.

  3. Anthony John Colleluori

    Contributor Level 15

    2

    Lawyers agree

    Answered . If you can't agree, then one of you will have to bring on an action for an accounting and partition and the court (or a referree) will split things for you.

    You could save time and money by agreeing to arbitration. You can do a one or three person arbitration (one will cost less than three) the American Arbitration Association or the Nevada Arbitration Association have affordable programs that may help you settle the issues.

    Good luck

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