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Does a member of a LLC have to take profits

by thecleanupwomen, Window Shopper

  • Created: November 20, 2009, 1:53 pm
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5 comments

A third member of a LLC is declaring bankruptcy. Is it legal for a member of a LLC not to receive profits from the LLC?

Tags: Discuss Popular Topics, Other Business Issues
‹ Christmas and Birthday Cards Looking for some advise ›

NicoleD | Former Moderator | 11/30/2009 - 4:00 pm

I'm not sure that I understand what you are asking - are you asking if it is legal to withhold income from a partner if they have declared bankruptcy? You may receive more responses to your post if you can clarify your question.

seop | Creator | 12/29/2009 - 1:27 pm

I'm not sure we fully understand your questions, You might find your answer here: http://www.answers.com/topic/limited-liability-company
Professional Web Site: http://www.seop.com/ppc-management/

BizResearcher | Window Shopper | 12/31/2009 - 1:35 am

You may need to consult with an attorney. A partnership legally ends with the death or bankruptcy of a member. Since you are an LLC with multiple members, there may be legal issues you need to address.

paulms | Contributor | 1/23/2010 - 1:27 pm

This definitely seems like something to ask a professional as there are just too many unknown variables.
Professional Web Site: http://www.workathometruth.com

octanmedia | Creator | 1/25/2010 - 3:04 am

I think according to company law, only partners can share of profits or losses of the company. I dunno what is in your company Law.
Professional Web Site: http://www.octanmedia.com