I am a member in an LLC in Connecticut that has no tie-breaker vote provision. we are at a 2-2 standoff in a vote to extend the major tenants lease. What happens next? Is there a state statue provision?
I can`t speak to statutory remedies, but wouldn`t recommend them even if they exist since the legal cost would outway the business benefit (and, no offence, but I`m sure the taxpayers would rather you settle your own problems).
1. Agree now to amend the corporate charter to include a tie-breaker provision.
2. Fire the attorney who allowed you to incorporate the business without insisting on including a provision. (Even if all of you swore you trusted each other with your first-born children.)
3. Resolve the immediate impasse
3A. Agree to "arbitration" - select a 3rd party expert acceptable to all, present sides, abide that expert`s decision
3B. Agree to a forced buy-out - each member (or side) makes a sealed offer for the others` shares; highest offer must buy, lowest offer must sell.
3C. Tell your partners you want to clear the air by taking them out for a nice dinner. Get them very drunk. Conduct the vote just before they pass out.