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Ask Asad Rahman Your Own Question
Asad Rahman
Asad Rahman, Attorney
Category: Business Law
Satisfied Customers: 2103
Experience:  Practicing Attorney with 10 years experience
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I am one of three owners of an llc. I want out. I 't want or

Customer Question

Hi I am one of three owners of an llc. I want out. I don't want or need a payout or any of the assets. However I also don't want to be liable for any future debt. How can I painlessly withdraw from this llc?
Submitted: 10 months ago.
Category: Business Law
Expert:  Asad Rahman replied 10 months ago.
Do you have any sort of operating agreement?
Customer: replied 10 months ago.
But I don't have a copy. One of the partners, who is over the office has not been answering my phone calls or other attempts to reach her. The other one is hostile about my decision to leave.
Expert:  Asad Rahman replied 10 months ago.
That would have the prescribed method for you exiting the company. Typically agreements require you to sell your interests to the other partners at fair market value.
Customer: replied 10 months ago.
I do understand that. What can I do without a cooh of the operating agreement?
Customer: replied 10 months ago.
But I'm not interested in being bought out or division of assets. They can have it. I just need out.
Expert:  Asad Rahman replied 10 months ago.

An attorney can send a letter demanding the operating agreement or help negotiate a release and transfer of your interests to the remaining partners. If you are not interested in receiving fair market value then they should not really object. I think communicating through the attorney may be the best idea.

Expert:  Asad Rahman replied 10 months ago.

Let me know if you have any additional questions otherwise a positive rating is appreciated. We can also talk by phone but there are additional charges