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Attorney2020
Attorney2020, Attorney
Category: Business Law
Satisfied Customers: 2579
Experience:  I am a practicing attorney. I have experience in business law, bankruptcy, real estate law and estates.
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I have a partner in an LLC, we both own 50%. I would like to give 10%

Customer Question

I have a partner in an LLC, we both own 50%. I would like to give 10% of my shares to a friend. How do I go about doing this, do I have to my partner notice or need their permission?
Submitted: 2 years ago.
Category: Business Law
Expert:  Attorney2020 replied 2 years ago.
Is there a restriction of offering shares to an outside person within the LLC's Operating Agreement. If not you are free to transfer your interest in the LLC to whomever you choose. An Interest of Transfer Agreement can be drafted. Here is a template of one you can modify and use: http://contracts.onecle.com/american-railcar/acf-transfer-2005-06-30.shtmlI hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time. Thank you.
Customer: replied 2 years ago.
Does the transfer have to filed with the Secretary of State in California?
Expert:  Attorney2020 replied 2 years ago.
No. The transfer just has to be recorded within the LLC ledger of minute book or records however you maintain them for the LLC.I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time. Thank you.
Customer: replied 2 years ago.
Does the percentage have to be recorded somewhere?
Expert:  Attorney2020 replied 2 years ago.
Yes, n the LLC transfer ledger or books and records.I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time. Thank you.
Expert:  Attorney2020 replied 2 years ago.
PLEASE ATE MY ANSWER.
PLEASE RATE MY ANSWER.
PLEASE RATE MY ANSWER.
Expert:  Attorney2020 replied 2 years ago.
I'm not sue why you have avoided to rate my answer. Unless you rate me I receive nothing for my efforts. Please rate my answer so I may receive proper credit. Thank you.
Customer: replied 2 years ago.
I give the Lawyer a 10.
Expert:  Attorney2020 replied 2 years ago.
to effectuate the rating you must click the rating tab. Thank you.
Expert:  Attorney2020 replied 2 years ago.
Please rate my answer. Otherwise I will receive no credit for my time and efforts. Thank you for your cooperation.
PLEASE RATE MY ANSWER.
Expert:  Attorney2020 replied 2 years ago.
Please rate my answer. Otherwise I will receive no credit for my time and efforts. Thank you for your cooperation.
PLEASE RATE MY ANSWER.