Restructured LLC with buy-sell and vesting protections
The situation
A second-generation seafood distributor wanted to bring two key employees into ownership with cash contributions, but the founder needed control over transfers and protection if a new member left within the first few years.
What we did
- Restructured the entity as a member-managed LLC with a 60/20/20 ownership split.
- Drafted an operating agreement with a right of first refusal, drag-along rights, and a three-year vesting cliff for the incoming members.
- Filed amended articles with the Louisiana Secretary of State and prepared capital contribution and subscription documents.
The result
Both new members were admitted, capital was funded, and the founder retained control over any future transfer of ownership.
Client identity withheld; identifying details generalized. Past results do not guarantee or predict a similar outcome in any future case.