If I am a 50/50 partner in an LLC, am I allowed to take my share of the existing funds in the checking accout without permission?
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If I am a 50/50 partner in an LLC, am I allowed to take my share of the existing funds in the checking accout without permission?
My partner is acting unreasonably and I fear that she will take all the funds. I just want my share.
Asked on May 25, 2017 under Business Law, Oregon
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
No, you may not. The members (that, not partners, is the correct term for an LLC) have a "fiduciary duty" to the LLC itself and to other members; that is a duty to act in the LLC's interests and for the benefit of the other members, too. Taking money from the LLC is to *not* act in its interest or for the other member's benefit, since you are draining money from the business. IF your partner does take the funds, you could sue her for the money and possible press charges theft; but you cannot pre-emptively take the money yourself.
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