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I would like to know how to get out of an LLC partnership…

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I would like to know how to get out of an LLC partnership
Submitted: 2 years ago.Category: Business Law
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1/19/2016
Business Lawyer: Ely, Attorney replied 2 years ago
Ely
Ely, Attorney
Category: Business Law
Satisfied Customers: 103,583
Experience: Counselor at Law.
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Hello and welcome to JustAnswer. Please note: This is general information only for educational purposes only, and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

If your partner agrees to you withdrawing, then this would be rather easy. A contract would be drafted that has the partner withdraw (also an additional document for any shares to be sold at the time), and signed by both parties. Then the state is updated with the new owner's information /positions and the matter is over.

If the partner does not agree and no contract allows one to withdraw, then there is no choice but to go to Court. One can request that the Court dissolve the partnership, either for cause or without. If so, the Court will do this, but the litigation to this may be costly, so it is best if the matter is done without the court, in a buyout. Perhaps a threat to the other party to sue out of the partnership may be best to get them to agree to a voluntary buyout instead of fighting this in court which would hurt the business and the pockets of the individuals.

By the way when I say "buyout," it does not necessarily mean that lots of money must be paid. A buyout may be for a $1. It all depends on what the parties agree.

I hope this helps and clarifies. Gentle Reminder: Use the SEND or REPLY button to keep chatting, or please rate when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of the top three faces/stars and then SUBMIT, as this is how I get credit for my time with you. Rating my answer the bottom two faces/stars or failing to submit the rating does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith.

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Business Lawyer: Ely, Attorney replied 2 years ago
Hello again. I am checking in because you have not rated positively. To me this means you may have another question. Please let me know – I am simply touching base. Thanks!
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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