Anyone have experience with dissolving an LLC partnership?

bostinelosd · 11-30-2007, 09:01 AM

I need some advice on dissolving a partnership I am involved in. I realize its just advice and you are not responsible for it. I just need some pointers or a website I can go to that helps with this stuff.

Raymeus · 11-30-2007, 09:12 AM

to disolve the legal entity all you need to do is file artices of dissolution (this is in IL, but I bet in Iowa it's the same or similar). in Il the secretary of state's website has a form (again, I'm sure it's similar in Iowa). the operating agreement for the LLC would discuss procedures for winding-up of affairs of teh LLC and distribution of assets (if any).

bostinelosd · 11-30-2007, 09:18 AM

If it is a partnership of 3, does it get split into 3rd's if noone decides to keep on?

BooneCy · 11-30-2007, 09:22 AM

It depends on how the contract was written. Is their a provision in the document that states if no one is to stay on that it is splits into thirds? Some partnerships are setup depending on who initiates the dissolution matters how the company is dissolved. Do you just have a boiler plate contract? Or, did you have someone create it for you?

Sorry for the questions, but you are kind of asking a loaded question.

bostinelosd · 11-30-2007, 09:25 AM

Originally Posted by BooneCy

Sorry for the questions, but you are kind of asking a loaded question.

Yeah I realize that. There has been a crazy lack of communication between us. I have been trying to get meetings for over a year to discuss this companys direction and paperwork, but they seem to drag their butts. This is why I wanted to dissolve this company to begin with. One guy has the finances, legal work and equip under his roof and we dont have access to it. I dont have any money invested into the company other than clients I have brought in that have paid for the equip and everything. I am so frustrated, but dont want to walk away with nothing for the effort I put in.