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Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 32561
Experience:  30 years experience representing clients .
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I am the sole proprietor of an LLC in Indiana, no employees,

Customer Question

I am the sole proprietor of an LLC in Indiana, no employees, no members. I do have an EIN.
I want to transfer ownership to my husband and have zero legal ties to the LLC. How do I do that?
(I have filed an amendment form with the state, stating I am no longer the principal officer. In hindsight that doesn't seem correct to sever my relationship with the company completely)
Submitted: 1 year ago.
Category: Business Law
Expert:  Loren replied 1 year ago.

Good morning. I am Loren, a licensed attoney, and I look forward to assisting you.

Expert:  Loren replied 1 year ago.

All you really need is a bill of sale stating that you convey your membership interest in the LLC to your husband. The LLC is its own entity and just continues on seamlessly.

You will file with the state if you are also changing the registered agent, and you will also need to make arrangements with your bank if you will be off the accounts.

Expert:  Loren replied 1 year ago.

Since it is a single member LLC, taxes are reported on the member's own 1040 (sched c). If you file jointly that will not really change either.

Expert:  Loren replied 1 year ago.

In other words, the change in the membership interest ownership is basically internal and evidenced only by a bill of sale.

Expert:  Loren replied 1 year ago.

Are you online with me?

Expert:  Loren replied 1 year ago.

Did you have further questions? Have I answered your question?

Expert:  Loren replied 1 year ago.

If you have no further questions please remember to rate my service so that I am credited by JA for answering your question and also so that I may close the question. Thanks.