Would like to dissolve my partnership and sell my half of the business. My partner is not cooperating. We do not have an operating agreement or anything in writing other than the llc formation paperwork on file with the AZ corporation commission and our taxes for the last 7 years showing we split profits 50/50.
Generally speaking, if there is no restriction on selling LLC ownership shares under an operating agreement, buy-sell agreement or similarly constituted agreement, any member may freely sell his/her interest in the LLC. Nonetheless, if you have a serious buyer in mind, I would retain a local business lawyer to draft a proper memorandum of the transaction, a separate original of which should be retained by you, your buyer, and your fellow LLC member. The more you involve legal counsel in this transition, the more likely it is that this will be a clean break for you when/if you sell your interest. Best wishes to you in 2019.
The operating agreement should tell us what has to be done. You see, most people set up LLC's so that one partner can't sell out to any "John Q Public" off the street. I recommend getting before business and contract counsel to go over the document and to acquire guidance (and maybe a plan) to get you where you want to go as it relates to selling your interest in the LLC. There are many of us here on Avvo who can assist. I hope you find this helpful. Get that document and yourself before an attorney for a consult and a planning session.
Peace and wellness,
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