Q: What happens, in Oklahoma, if a partner dies that is in a partnership LLC?
No contract ever written. No operating agreement
A: The personal representative of a member who dies becomes an assignee of the member's interest. The member's assignee interest could be distributed in a probate proceeding to the heirs or devisees of the decedent. The holder of the assignee interest can become a member upon a vote of the other members. As an assignee, the interest holder can share in profits but not in management. You should consult with a corporate attorney to discuss the specifics of your situtation. These issues can be avoided by having a proper operating agreement beforehand. Operating agreements often have buy/sell agreements relating to death or divorce so that the remaining partners do not have to deal with antagonistic ex-spouses or family members.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
