A YouTube interview (host Mike Andes with a guest) about a business partner who abruptly left the company and the resulting legal/financial complications. The guest describes being blocked by the partner after he left, having no formal transfer of ownership, and an initial buyout offer that would leave remaining partners to sell assets and pay debts while keeping clients. The guest estimates roughly $77,000 in loan payments tied to the LLC; the guest is on the business license/DBA but not on the LLC, while equipment and vehicle registration remain in the LLC's name. The hosts discuss checking public LLC records (agent/address changes) and switching the DBA/structure to protect the operating partners.
Questions this video answers
About $77,000
Why would he, when he originally left, not just sign the business over to you?
I don't know. The previous business owner that I took the place of, he quit and moved to Hawaii. My business partner, he talked poorly of how he quit and moved away and, you know, didn't do anything. Right. And then a year later, does the exact. I mean, literally the same thing? I have no idea. He didn't talk to us when he left. When he. He moved, he blocked me on everything he said. I feel like the floor has to be so high with all of us trying to thrive off the company, all of us being me, him, and Mitchell.
Was there bad blood before that? He just disappeared.
Like, we butted heads, like I said, but there was no falling out, so that kind of weird. That's when I knew things were going to get messy. The initial offer he made was, I essentially want you all to sell everything, pay off all the debts associated with the business, but you get to keep all the clients.
How much debt would that be? Assuming if we did that, if the.
Minimum payment were made for the length of the loan is like 77 grand or some crazy number.
Are you actually on the business license and, like, have equity in the business?
Yes. You're just on the business license.
That's my point is, like, if we let the business license lapse and like, the entity structure is held, from what I can see, I only see them on it seven days. Before they bailed on you, they changed stuff on. On the llc. You can look this all in public record. They change the agent, they change the address back to this address. The truck is registered in the name of the llc, and all this debt is tied to the llc. And you're not on the llc. You. You literally are just borrowing their equipment right now and running a business. Yeah, a dba. And like, we just need to switch that over to a different one.
