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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.
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.
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.
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.
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