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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 · 9 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.

MPL
MusicProducer_LA

Pro tip: if a company is violating your rights and you need legal help but can't afford it, check if any law school clinics in your area handle your type of case. Law students (supervised by licensed attorneys) provide free legal services and are often very thorough because they're learning.