LLC Question

by Jen

I went into a verbal agreement with 3 other people. They have written up the llc, but my name is not on there. Am I still a member? I am supposed to be 20% owner of the company.

Answer

You know what they say about oral agreements not being worth the paper they are printed on....

That said, an oral agreement can be enforceable in most states. Have you contributed any money or property to the LLC? Have you performed any services for the LLC?

As it stands, if you don't have a document showing that you own a membership interest, then for all practical purposes you don't have an interest.

You're going to have to see an attorney in your state to resolve this and assert your rights.