Skip to main content

Corporation law

Staten Island, NY |

we have 4 people in llc agreement in NY I want trasnfere for free my shares to my ex husband, do I have to notify other members

+ Read More

Attorney answers 3

Posted

This depends on what your LLC operating agreement states. Usually admitting a new member requires some consent by other members, but again this should be covered in the operating agreement.

This answer should not be construed as creating an attorney-client relationship, and is for informational purposes only.

Posted

As my colleague noted, your LLC's Operating Agreement should spell out how a member's shares can be transferred. Also, depending on whether your ex was your ex when you acquired the shares when the LLC was formed, your ex may already have a claim to those shares, which may have been addressed in your divorce judgement.

See a business lawyer, and/or the lawyer that helped you with the divorce, for help.

Avvo doesn't pay us for these responses, and I'm not your lawyer just because I answer this question or respond to any follow-up comments. If you want to hire me, please contact me. Otherwise, please don't expect a further response. We need an actual written agreement to form an attorney-client relationship. I'm only licensed in CA and you shouldn't rely on this answer, since each state has different laws, each situation is fact specific, and it's impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue.

Posted

You need to refer to the terms of your LLC operating agreent. If you are making this transfer to limit or avoid liability to a third party, the transfer must also satisfy the New York Debtor/Creditor Law.

PLEASE NOTE: This response is for general purposes only and does not establish an attorney-client relationship, nor is it legal advice. Please consult an attorney for legal advice particular to the circumstances of your situation.

Asker

Posted

My is part of my LLC agreement and I he has 10 percent and I have 10 now I want give him my 10. Should I notify other member of such transefer