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Does a member of a LLC have to take profits
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thecleanupwomen
Window Shopper

thecleanupwomen

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A third member of a LLC is declaring bankruptcy. Is it legal for a member of a LLC not to receive profits from the LLC?
Kudos!
11-20-2009 01:53 PM

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NicoleD Administrator
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NicoleD

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I'm not sure that I understand what you are asking - are you asking if it is legal to withhold income from a partner if they have declared bankruptcy?

 

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11-30-2009 04:00 PM
 

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seop
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seop

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I'm not sure we fully understand your questions, You might find your answer here: http://www.answers.com/topic/limited-liability-company

 

 


 

Freddy Bason
SEOP Inc. - PPC Management

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12-29-2009 01:27 PM
 

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BizResearcher
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BizResearcher

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You may need to consult with an attorney. A partnership legally ends with the death or bankruptcy of a member. Since you are an LLC with multiple members, there may be legal issues you need to address.
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12-31-2009 01:35 AM
 

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paulms
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paulms

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This definitely seems like something to ask a professional as there are just too many unknown variables.


 

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Paul Schlegel
Founder, WorkAtHomeTruth.com
Home business ideas

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01-23-2010 01:27 PM
 

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octanmedia
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octanmedia

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I think according to company law, only partners can share of profits or losses of the company. I dunno what is in your company Law.
 

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01-25-2010 03:04 AM
 

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