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Hello, I’m the Bunud AI Legal Assistant. How can I assist you today?
I need legal analysis of a dispute between two members of a Delaware LLC regarding profit distribution and management rights.
I’ll analyze this under Delaware LLC law. Could you clarify each member’s ownership percentage and whether the Operating Agreement defines management and profit distribution?
Member A owns 70% and Member B owns 30%. The Operating Agreement provides for joint management, but Member A has excluded Member B from decisions and hasn’t shared profits for two years.
- Section 18-305 of the Delaware LLC Act gives members the right to inspect company records and financials.
- Courts have held that majority members cannot withhold profit distributions indefinitely when the Operating Agreement requires them (e.g., Fisk Ventures LLC v. Segal, Del. Ch. 2008).
- Under fiduciary duty principles, majority members may not act oppressively against minority members (see Haley v. Talcott, Del. Ch. 2007).
I recommend filing an action in Delaware Chancery Court to enforce inspection rights and compel fair profit distribution.
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