Situations may arise where a member doesn’t so much want to sell, but that through certain events he must sell. For example, you will greatly appreciate being able to buy the members interest or not give them controlling interest in the event of death, bankruptcy, insanity or incompetence, conviction of a felony, involvement in an activity that harms the business or reputation of the company, failure to make a capital contribution, termination of employment if employed by the company, divorce where the inactive spouse obtains the interest of the active spouse in a property settlement, and a member's default of any obligation owed by the member to the company.
Nondischargeability & Objection to Discharge Complaints - Creditors may need to file formal complaints against the debtor in various situations. They are handled in bankruptcy as adversary proceedings or trials.
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