That partnership information is very helpful and very scary 🙂 upon either of our death we have a arranged for certain people who will inherit the equity shares but not the management shares of the LLC. The management shares will be split between any other managers (which is just us for now).
Now if there was a divorce for example his wife may receive half of the management shares he owns. As well as half of the equity shares. Of course since him and I would still have the majority we can vote to force her out of her management shares, but not her Equity shares since they have real value. Equity shares would have to be bought out. I do not know if the operating agreement states that we can force people to sell their Equity shares. I don't think it does.
Yes I was very concerned about the partnership.
There are a million things that can go wrong. My big goal that partner and we haven't worked on it too much is to add something to the operating agreement that allows for dispute resolution if voting fails.
