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What is the law wheno ne partner files operating agreement without input from other?
What happens when partner 1 sells his 50% interesst in LLC to Partner #2. There is a partner number #3 who is now joining with partner #1. Partner #1 filed a operating agreement with the state showing 100% ownership and managing member without Partner #3 knowledge or consent. Partner number #3 still is on the note at bank for 50% of note or line of credit. Partner number #1 loaned partner#3 some money during this process without having an agreement, (non recourse). Partner number #3 wants to continue in the business and continue relationship but does noy know the rules and cant communicate with partner #1. Also, Partner number #1 loaned money and put in a savings account to pay bils owed on the company for income taxes. The account was set up as a savings account with partner #3 holding assets. Partner #3 withdrew some of the money into personal account to pay some of the bills of the former company and the bank took the money out of personal account and put back into savings account noting it was to be used for the taxes but this was not a escrow account. It was discussed and understood. Now Partner #3 has bad checks out and cant cover them and they were sent back. Please respond this is the question in detal.
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