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RONB-ESQ
RONB-ESQ, Attorney
Category: Business Law
Satisfied Customers: 357
Experience:  Right of Way Manager at Access Midstream Partners, LP
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I am a member in a California LLC. I am a registered holder

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Johnson. I am a member in a California LLC. I am a registered holder of 10% membership interest. I want to know how to properly fill out the transfer of interest back to the company. There is a form that is attached to the membership certificate.
JA: Thanks. Can you give me any more details about your issue?
Customer: "For value received (BLANK) hereby sell, assign, and transfer unto (BLANK) Membership Interests represented by the within Certificate, and do hereby irrevocably constitute and appoint (BLANK) attorney to transfer the said Membership Interests on the books of the within named Company with full power of substitution in the premises."
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If you are in agreement with the other members it would probably be best to assign your interest to one of them in a written agreement similar to what you detail above. In the agreement you could cover any compensation you are receiving and you could confirm that their is no lien on your interest (you don't have this listed on a mortgage or other loan as collateral).

You may also want some agreement that spells it out that you are not liable for any claims that arise after the effective date of your assignment.

If you have any questions or concerns about my response, please reply and let me know. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I receive credit for the time I spent answering your question. If for some reason you don’t feel you can provide me positive feedback please reply and give me the opportunity to clarify my answer before giving me negative feedback.

Regards, Ron

Customer: replied 1 year ago.
I have no money or collateral invested in this. My brother in law put up all the money to start and wanted his sister (my wife) and I in it. I should never have signed and agreed, but to "keep the peace" in the family I went along. Now I just want out. Can I add the "Not liable for any claims ..." to the transfer statement?

Yes and I would ask for $1 and recite that assignor (you) acknowledge receipt of $1 in consideration for this assignment. For any valid contract you must have consideration. You can try and create by using legal arguments, but it is easier to simply exchange $1 and note such in the agreement so you have that part of the contract covered. I can't speak to whether everything else in your agreement will constitute a binding contract, but I would suggest adding consideration.

If you have any questions or concerns about my response, please reply and let me know. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I receive credit for the time I spent answering your question. If for some reason you don’t feel you can provide me positive feedback please reply and give me the opportunity to clarify my answer before giving me negative feedback.

Regards, Ron

RONB-ESQ and other Business Law Specialists are ready to help you

Thank you for taking the extra time to provide me positive feedback and bonus both are greatly appreciated. If you have a follow-up to your original answer or need additional clarification, please reply here.

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Regards,

Ron