Q: I just bought out 4 business partners and have 3 left, 2 are a husband and wife. In our Operating agreement for the LLC
I just bought out 4 business partners and have 3 left, 2 are a husband and wife. In our Operating agreement for the LLC, it states the voting rights go according to capital interest. I have 60%. They are afraid I wont allow them any voting rights at all so they want me to sign a document outside the OA that states we all have equal voting rights. Will this document legally negate or supercede the OA verbiage of giving me the Capital interest vote? This is the verbiage of the letter they want me to sign.. Pursuant to the Operating Agreement dated March , 2021, the Managers of the Company are. Although has a higher Capital Contribution and Ownership Interest than , it has been agreed upon that for voting purposes, all three people will individually have equal voting rights when making business decisions.
A: If you do what they are proposing, that will be giving them absolute control over YOUR business. It will be like two wolves and a lamb voting on "What's for lunch?" You own 60% of the company; you have the most to gain and to lose. If they want an equal voice, they should purchase from you enough interest to give them the voice they are entitled to.
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