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Richard, Attorney
Category: Business Law
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Experience:  32 years of experience practicing law and a businessman.
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Im selling my part of an LLC in texas do I have to report

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I'm selling my part of an LLC in texas do I have to report the sell to the state or just keep the documents incase anything comes up?
Submitted: 7 years ago.
Category: Business Law
Expert:  Richard replied 7 years ago.

Hi there. You do not have to report the sale to the state when you sell an interest in an LLC. The only recorded document for an LLC in Texas is the Certificate of Formation and it does not have to be amended for ownership changes within the LLC. You will need to save the documents. You will also need to report the sale transaction on your federal income tax return....i.e., you will need to report any gain or loss on the sale of your interest.



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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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