Answer: AVVO: Family LLC issues

AVVO Question: 

I was a non voting member of a family LLC. My father is the manager and only voting member of the LLC He also was the designated representative for me under a power of attorney which went into effect in the event of my disability. In march 2012 I was determined to be disabled due to depression and anxiety. In April 2012 I sought to resign from the LLC to protect my family. My father advised against it but approved the resignation . I did not receive any of the distributions due to me for 2012. The k1 I received back dated the resignation to the beginning of the year, contrary to the terms of the operating agreement. My father refused to provide accounting of the capital account, which balance I was paid. He admits the value was 15 times what I got but refuses to pay or resc Can I sue?

Bickerton Answer:

I usually try to answer questions in a way different than other attorneys. Namely that you may not need an attorney. However, in this case you absolutely need advice of counsel. 

Life is hard, and it seems you've had some hard times. Good attorneys help by being an advocate for you and taking some of that burden off. Find someone and spend a couple hours with them to describe your situation fully and find out what you need. 

That said. In my family's LLC, where I personally went through some similar situations (precipitant my desire to go to law school), we were able to resolve some emotional and financial issues with some business counseling and having everyone read: "Family Wealth" by James Hughes. I'd give that book a look. $25 and some time reading can put you in a different mindset going in to your first meeting with counsel or your family.