Hello, Im researching your answer now.
Pursuant to Florida Statutes Section 608.432 (Transferability of member's interest), unless otherwise provided in the articles of organization or the regulations, a member's interest in a limited liability company is not assignable in whole or in part, unless a majority of the nonassigning members consent to the assignment. If the articles of organization are silent on the issue and the LLC has no operating agreement, then unless the other member agrees, you may not assign your interest. So as long as you are both OK with the numbers and method of resigning then there should be no problem.
Let me know if you need anything else. Please contact me if you have any problems. You can request me directly or just put "to bart" at the beginning of your question. Please remember to click "ACCEPT" so I can get credit for my work. Bonus is not mandatory but appreciated.
So how is FF&E along with open credit lines factored?
There is no default rule in FL. When a partner wants out, all members need to agree on numbers and method. That is an internal business decison. Maybe even a tax and accounting issue.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).