How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask dkennedy Your Own Question
dkennedy, Attorney
Category: Business Law
Satisfied Customers: 6009
Experience:  JD degree, business owner
Type Your Business Law Question Here...
dkennedy is online now
A new question is answered every 9 seconds

Hi. What happens when one member of an LLC dies? What I really

This answer was rated:

Hi. What happens when one member of an LLC dies? What I really want to do is have an LLC own everything in the family and when I die there have to be no transfers!

dkennedy :



Are your family members, legal "members" of the LLC? What do the by-laws say about the members and who owns what?

Customer: Thanks, XXXXX XXXXX recall any by-laws and just my wife and I are equal members, own 50% each. I plan to make my sons equal members as soon as I can.
Customer: What I'd like to know is: when I die will my percentage of ownership be transferred to the other members without probate, legal fees or delays?
dkennedy :

You made up the company, so make up a set of by laws that says, "when one member dies, the ownership of his/her portion of the LLC will transfer to XXXXX XXXXX and XXXXX XXXXX. End of story. When you make up a company, you make the rules. How often you get paid, where you are located, what the name of the company is, what you sell or the service you provide, etc. etc. You can also decide what to do with the shares of a member who dies. Please feel free to ask any follow up questions.

Customer: Ok, that's pretty clear. Thanks.
dkennedy :

You're welcome!



dkennedy and 5 other Business Law Specialists are ready to help you

Related Business Law Questions