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Ellen, Attorney
Category: Business Law
Satisfied Customers: 36714
Experience:  25 years of experience helping people like you.
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looking for guidance in the change of ownership of a newly

Resolved Question:

looking for guidance in the change of ownership of a newly established LLC.
Submitted: 5 years ago.
Category: Business Law
Expert:  Ellen replied 5 years ago.

I can assist you.

I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information on this open and nonconfidential forum.

What is your question?

Customer: replied 5 years ago.
I've been sent to the US to open an office for a Public Relations agency headquarted in France.
I created the LLC in California in October in which I am the CEO, and the single owner/member is also the Founder and Owner of the French company.
Now I need to transfer ownership of the LLC from the individual to the French agency, so that it becomes a legal subsidiairy.
What US documents do I need to change/file for that? (ownership certificate, operating agreement, articles of organizations, others)
A very quick phone conversation would be ideal.
Thank you very much.
Mathieu Ramage(NNN) NNN-NNNNbr />
Expert:  Ellen replied 5 years ago.

Thank you for your question. Unfortunately site rules prohibit me from contacting you by telephone.

Here are the required steps:

1. Review the articles of organization and operating agreement. Section 17301 of the California Corporations Code states that these documents may govern the assignment of membership interests.

2. Hold a vote. The existing members may induct a new LLC member by majority vote.

3. Change the required list of economic and membership interest holders. Section 17058 requires an LLC to maintain a list of the full name, address and economic interest of all interest holders in the LLC.

I hope that this helps.

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