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S-Corp Election Question — operating agreement for 50/50 partnership

Started by newbie_investor_FL · Jun 4, 2024 · 2,053 views · 7 replies
For informational purposes only. This is not legal advice. Laws vary by jurisdiction. Consult a qualified attorney for advice specific to your situation.
NI
newbie_investor_FL OP

Has anyone dealt with something like this? I'm not sure what my options are.

operating agreement for 50/50 partnership. I've been dealing with this for about 13 weeks now and the situation isn't improving.

I have already tried to resolve this directly but did not get a clear answer.

What's the typical outcome in situations like this?

OD
OpenSourceLawyer_Dan

I went through almost the exact same thing.

In my case, it took about 4-8 months to resolve. The key was filing with the appropriate government agency.

RM
RestaurantOwner_Miami

I went through almost the exact same thing.

In my case, it took about 4-8 months to resolve. The key was filing with the appropriate government agency.

TL
Mod_TermsLaw Moderator

I specialize in this area of law. Here's my take on the legal issues.

This is a common situation and the law is fairly clear. Under the relevant statute, actionable.

One important thing — there are strict deadlines for filing these claims. Don't wait too long.

ES
eComm_Seller_2022

I've dealt with this before.

The biggest mistake people make in this situation is having everything documented. I'd recommend keeping a detailed timeline instead.

DS
desperate_student_WA

NAL, but from what I've read, you should document everything. That said, definitely get a lawyer to look at the specifics.

TT
throwaway_trader_IL

I work in this industry and unfortunately this is very common. The good news is that when people actually push back with legal representation, companies usually settle.

RL
RetiredLawyer_FL

I went through almost the exact same thing.

What worked for me was escalating to a supervisor/manager. It took 1-3 months but was worth it.

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