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I am a member in a California LLC. I am a registered holder…

Johnson. I am...

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.

Lawyer's Assistant: Thanks. Can you give me any more details about your issue?

"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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Answered in 50 minutes by:
3/19/2016
RONB-ESQ
RONB-ESQ, Attorney
Category: Business Law
Satisfied Customers: 357
Experience: Right of Way Manager at Access Midstream Partners, LP
Verified

Hello my name is ***** ***** I am a licensed attorney. I welcome you to JustAnswer. Please note: This is general information 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. The question and response may be viewed by other parties as noted in JA’s terms of service. By continuing, you confirm that you understand and agree to these terms.

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

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Customer reply replied 2 years 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
RONB-ESQ, Attorney
Category: Business Law
Satisfied Customers: 357
Experience: Right of Way Manager at Access Midstream Partners, LP
Verified
RONB-ESQ and 87 other Business Law Specialists are ready to help you
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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.

Should you wish to reach me directly in the future for another question you can go to http://www.justanswer.com/law/expert-ron-b/?rpt=3800 and enter your question on my profile page or simply start your question with FOR RONB-ESQ and your question should get routed to me.

Regards,

Ron

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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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