Question

John, Paul, Mark, and Luke have been operating an LLC, and according to the operating agreement, the term of the LLC is set to expire in the near future. What options do the four partners have

Answer 1

Answer with its Explanation:

The partners of Limited Liability partnership are obliged to pass a resolution about the continuing of business or abandoning business. The resolution requires majority vote, which is three fourth majority.

If they want to revisit the terms and conditions for each partners of the business then they will have to form a new agreement on new terms and conditions for business purposes. The new terms might include the new deadline for expiration date of partnership or extension of partnership date.