My name is John. I have over 13 years of legal and counseling experience in these types of matters, and I’m happy to assist you with your question today.
This is why when there is a multiple-member LLC it is strongly encouraged to have bylaws
and an operating agreement
to dictate what happens in given situations before they occur.
In any event, that ship has sailed. Normally what occurs is the other members and the member wishing to leave have a pre-determined method of computing the fair market value of the company, and the other members get the right of first refusal to purchase the share of the member that wishes to dissolve. If they are unable to come to an agreement or the other members just refuse, the departing member is able to sell his share to anyone.
So either the other members take the share and just eliminate the member from the corporate documents or a new member comes in. The alternative you have to this in your case would be to approximate your share of the capital
, and take that in exchange for your agreeing to the LLC then becoming a single-member LLC. Hopefully the other party is amicable to either of these solutions, otherwise, the matter has to go to court to be litigated; the judge making the decision as to what is a fair split.
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