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Old 12-03-2011, 07:33 PM
L3Cpartner L3Cpartner is offline
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Join Date: Dec 2011
Location: Midwest
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Default L3C Partnership

I am a primary member in an L3C in Illinois.
The other primary member had agreed to leave the business at the end of 2011. Since the beginning of 2011 the load of work has decreased on one partner and increased on the other, which prompted the conversation of an exit strategy.
This partner has since quit earlier than the year end without notice.
This partner refuses to return e-mail, converse via phone, or to help in the reconciliation of the accounting. The accounting end is somewhat of a mess and the tax year end is upon us.
The articles of incorporation changes are executed and paid for but dated Dec 31. The state has not cashed the check yet.
What are my options.

I am not in possession of the original paperwork (articles of incorporation) and there are still checks and debit cards outstanding.
Should I sit and wait?

I can still do day to day operations, but am uncomfortable having financial instruments not in my possession. Not to mention that I can't even open a different bank account without the change of the articles of incorporation.

The partnership was 50/50.
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  #2  
Old 12-04-2011, 05:22 PM
moderator moderator is offline
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Have you browsed through the information in LawInfo's Free Legal Resource Center to learn more about your issue yet? See: http://www.lawinfo.com/consumer.html and http://resources.lawinfo.com/en/index.html. You can certainly try to speak to a lawyer to determine what legal options may be available. In the meantime, you may be able to learn more on your own. Search the "Free Legal Resources" tab, or browse the Consumer Resources. Good luck.
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Tags
breach of contract, business law, illinois, l3c, partnership


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