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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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I own 30% of the member units of a Texas LLC which does not

Customer Question

I own 30% of the member units of a Texas LLC which does not have an Operating Agreement. The value of my shares is currently less than $1,000, and I want to either relinquish my shares back to the company, or gift them to the majority share holder. Am I allowed to do this, and if so, what documents would need to be produced?
Submitted: 5 years ago.
Category: Business Law
Expert:  MShore Law replied 5 years ago.
Thank you for the post, I am happy to assist you by answering your questions. You can issue a notice of forfeiture of your shares back to the LLC, and in exchange for receipt of the value of your shares the other members amend the articles of organization if you are listed as an organizer or issue a signed acknowledgment of the cessation of your interest in the LLC. Please let me know if you have any follow up questions.

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