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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 46302
Experience:  32 years of experience practicing law and a businessman.
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how to get out of a llc parnership?

Customer Question

how to get out of a llc parnership?
Submitted: 4 years ago.
Category: Business Law
Expert:  Richard replied 4 years ago.

Hi there. A lot of that depends on the Operating Agreement for your LLC. If the LLC Agreement is silent, and your other members will not agree to purchase your interest and allow you to withdraw, you can force the dissolution of the LLC.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

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.

Customer: replied 4 years ago.
there was more to my question than that.
My question was How do I get out of a LLC partnership. That I owen 40% of. There are no Agreement written up. My name is XXXXX XXXXX line of credit I would want that off, and there is a personal credit card in my name i wanted payed off. I want to sign my share of the buniess over to him. Should I hire a lawyer or should we just go are differnt ways if he argees on it.
Expert:  Richard replied 4 years ago.

Thanks for the additional information. The big issue is obviously the debt that you are apparently personally liable for. You have two things to deal with here. First, is your co-owner willing to assume 100% of this debt. Second, even if your co-owner is willing, you must also get the creditor to release you from liability. If your co-owner is willing to do this, and the creditor is willing to release you, then you can sign over your share without a lawyer. Otherwise, I would highly recommend you engage a lawyer to work with you on the split-up.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

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.

Customer: replied 4 years ago.
what if my co owner is ok with it but the creditor is not willing. and what could happen if i just quit?
Thanks for your help
Expert:  Richard replied 4 years ago.

In that case, if the LLC and your co-owner did not pay the debt, the creditors could pursue you for the amount owed. At the very least, you should send the creditors a certified letter telling them you are no longer with the company and from the date of the receipt of your letter, you will no longer be liable for any new debt incurred by the company. If your co-owner agrees and the creditor doesn't, you would also want an indemnity agreement from the company and the co-owner that if you end up having to pay on the debt, you will be indemnified.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

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.

Customer: replied 4 years ago.
ok thanks could u refer me to a lawyer in Indiana
Expert:  Richard replied 4 years ago.

My pleasure. We are not allowed to make referrals, but if you contact the Indiana State Bar Association, they will give you several referrals. You can then interview them and see which one you feel the most comfortable with.

 

I would appreciate it if you would please click the GREEN ACCEPT button NOW, so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

 

Richard, Attorney
Category: Business Law
Satisfied Customers: 46302
Experience: 32 years of experience practicing law and a businessman.
Richard and 3 other Business Law Specialists are ready to help you

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