I own an LL in Washington state with a partner . I would like to withdraw .

Asked almost 2 years ago - Bothell, WA

Can we just list her as the only member on our corp renewal form and move on with life or do I need to file something else?

Attorney answers (3)

  1. Frank A. Natoli

    Pro

    Contributor Level 20

    6

    Lawyers agree

    Answered . Hi,

    Regards to the state record, that is probably the easiest way to handle it. What is typically done is an LLC interest transfer agreement is prepared so that the units can be properly transferred and liability mitigated regards to the departing member. This is not recorded with the state but is an internal document both parties keep in their records.

    I would advise having a lawyer handle it so do not expose yourself unnecessarilly. Most of us here, including myself, offer a free phone consult.

    Best regards,
    Frank
    Natoli-Lapin, LLC
    (see Disclaimer)

    The law firm of Natoli-Lapin, LLC (Home of Lantern Legal Services) offers our flat-rate legal services in the... more
  2. Michael Leo Potter

    Contributor Level 20

    5

    Lawyers agree

    Answered . As usual Frank makes an excellent point. If I were you I'd start by READING what the Operating Agreement says about it. Then I'd have your LLC attorney handle the legalities so that you aren't left with any holdover liability later on. Good Luck.

  3. Benjamin T G Nivison

    Contributor Level 12

    3

    Lawyers agree

    Answered . This is a simple process that can be accomplished effectively with a couple pieces of paper. A quick meeting with your business attorney can facilitate this. As the other answers point out, you should review your operating agreement for withdrawal provisions, and ensure that the company and its members comply with the requirements for changing membership. If you don't have a business attorney you are working with already, I would be happy to refer you to local counsel that could handle this for you without any trouble.

    Good luck!

    Benjamin Nivison is an attorney licensed to practice law in Washington State. This communication does not create... more

Related Topics

Small business LLCs

An LLC (limited liability company) is a business entity that has elements of both a corporation and a partnership (or sole proprietorship).

Small business partnerships

A business partnership is an arrangement whereby parties enter an agreement to cooperate for their mutual benefit.

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