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Asked 7 months ago - Sacramento, CA
FlagIn our initial meeting the investment partner agreed that he would own 75% and I and another person would each own 12 1/2%. He sent out an e-mail stating this and that he would draft a partnership agreement & buyout agreement, which he has never done. Since then he has let me go and says that I have no ownership and I should leave and go on with my life. He will not give me any more info. This will be a very lucrative business.
Assuming that (a) the events that transpired created an oral operating agreement for the LLC (certain provisions of which were to be memorialized in writing) and (b) the investor / majority member has been acting as the LLC's manager, that member owes the LLC and the other members the duty of loyalty and the duty of care.
If you want a more-specific answer, you will need to retain a business lawyer to examine all of the relevant facts and documents and render an opinion.
You need to hire a lawyer who can advise you as to how to proceed. For example, were you an employee? Owner? Did he represent things to you and not fulfill his promises while you took action? You could have a breach of contract or quantum merit case. Those are just examples. You would have to meet with a lawyer who can review the facts with you.
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