We want out of an LLC that was created by a parent when we were minors. How to remove ourselves? CA LLC

LLC division is 22.5% between 4 children as limited partner. GM is the parent who opened when we were minors remaining 10% is his. Three of us want to simply "get out" of this. We have no interest in any value in the CA LLC. All three of us are no longer residing in the state of CA. Is there any form we can fill out when the GM isn't helping us get out? Can we simply give our portion back to the GM including any and all assets we have INSIDE this LLC? We are unwilling participants in this and have been trying to get out for awhile and are not getting anywhere with the GM.

We have no decision making power in the LLC. We are just sent K1's and told to file them with our taxes. Looking for assistance in locating a self help option / pointer in right direction or form we can file to bypass GM
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Answers (2)

Greta Muirhead

Greta Muirhead

Contributor Level 7
Please post this in the California section so that a California attorney can see it and respond.
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Jonathan H Levy

Jonathan H Levy Avvo Pro

Contributor Level 9
I suggest you contact an attorney licensed in California. There are potential tax implications to your decision and your partnership agreement may have clauses that effect the situation. Also, if the partnership is generating income or liabilities is another consideration.

I am licensed in California, you can contact me at:

1-202-318-2406
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