The question
Hello, I started a Ohio LLC with 2 partners. 1 partner resigned instead of taking role and responsibility concessions. We have filed a articles of organization in Ohio, we have also drafted operational agreement that has not ever be signed.
We have been functioning as 33% equity partners. However our operational agreement has him with 50% with me having 50% while our third partner clears up a legal issue. As a partner he agreed to bring $10k in without anybody signing a thing.
Our lawyer, his contact drafted the operational agreement and filed us with the state. Can we dilute his equity to nothing and how can we take full ownership of the company name? Anything else I might be missing?
Thank you in advance...
From the LawyerCentral forum archive. Originally posted 11 October 2011 on a legal forum that has closed. Names and contact details were removed. See the original (Internet Archive).
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