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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 111567
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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How do I remove myself legally from a 50% 50% LLC partnership

Customer Question

How do I remove myself legally from a 50% 50% LLC partnership where the other partner is unresponsive
Submitted: 1 year ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
You need to send him a letter informing him that effective immediately you are resigning your membership in the LLC and you are filing an amended articles of organization and annual report with the Secretary of State removing yourself from ownership. You need to inform him that you are no longer liable for the LLC or doing anything with the LLC.
Also, if you would like you can notify all of the clients in writing you are no longer a member of the LLC and any claims need to go to the sole owner.
Customer: replied 1 year ago.
Hi, Thanks for that information.What if I cannot get his current address? I have informed him on his voice mail that I am going to take the next steps of filing w secretary of state.Another related question, who owns the tools for a construction company. I funded the company with credit cards for materials/tools, although he definitely brought in revenue in addition to our employees over the last 15 months and that revenue was used to buy materials and tools in addition to payroll.I also bought / signed for a personal loan for a truck that is in his name and he now has. Do I have any recourse over ownership of the car from the loan that is in my name?Thank you.
Michael
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
If you cannot get his current address you need to send it to his last known address.
Unfortunately, if you have paid for the tools and equipment and you want that back and do not just want out of the LLC, you would have to sue him and the LLC to dissolve the LLC and take your share of the LLC assets.
If the truck is in his name, that is another problem, because you cannot get your name off as a co-signer. He would have to refinance the truck and you could make that part of your suit in dissolving the LLC.
It is simple to just walk away, it is not as simple to want to dissolve and divide the assets.

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