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johnrogers
04-26-2014, 11:53 PM
Hello,

I am 2% owner of an LLC and I would like to get out of it. My friend started the LLC and I agreed to be 2% owner. The LLC has not been profitable. I have nothing to do with the operations and realize that it does not make sense for me to be 2% owner.


What are the steps to get out of the LLC?

LDonahue
05-15-2014, 02:59 PM
Hi, there.

This is actually a complicated question, and the answer depends on a number of factors. The first biggest factor is whether there is an Operating Agreement (OA), and if so, what does it say about "resigning members?" In almost every circumstance, the OA will control, so look there. Then, simply follow the requirements of your OA.

In just about every other scenario (i.e. you have an OA but the other owner(s) won't give you access, or you don't know if you have an OA, or you don't have an OA), you REALLY DO need to consult with a small business attorney who is familiar with your state's LLC laws. They can tell you what the options are and how to proceed.

If the requirements in your OA require some steps the other owner(s) aren't willing to do, you also need to consult with an attorney.

I do congratulate you on your question, however. At least you know you need to "do something." I can't tell you how many times I have potential clients coming to me, because they thought they can simply "do nothing," and then they are finding themselves in some sort of trouble coming from a mismanaged, in-debt or tax-burdened LLC.

I hope this helps! Larry.

printer
08-14-2014, 01:14 AM
your question is quiet difficult.you can solve this through your agreement.

SeanCole
11-21-2014, 02:16 AM
There are having few steps to get out of LLC you must follow some of the tips like:-
. First decide to close a business.
. Get advice from experts because closing a business is multi-step process.
. If you are fail to legally dissolve your LLC or corporation you are liable to taxes and filings.
. Cancel the registration, license and permits.

Nags
07-16-2021, 10:32 AM
The first biggest factor is whether there is an Operating Agreement (OA), and if so, what does it say about "resigning members?" In almost every circumstance, the OA will control, so look there. Then, simply follow the requirements of your OA.

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debora
07-21-2021, 08:28 AM
To withdraw from your LLC partnership, follow these steps:
Determine whether your operating agreement outlines the process.
Follow the steps required by your operating agreement or state statutes.
Receive your interest in the company.
Notify the state of your withdrawal.