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Can someone detail how I would go about leaving my company I…

can someone detail how I...
can someone detail how I would go about leaving my company I own 30% 1st majority owner owns 40% and the other two own 15! I want to leave this company and start my own in the same field. What would I have to do step by step to make sure this process goes smooth thanks!
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Answered in 39 minutes by:
3/6/2018
Lori
Lori, Attorney
Category: Business Law
Satisfied Customers: 2,378
Experience: Business law attorney with over 25 years experience
Verified

Hello. Let me see if I can assist. Do you have a shareholder agreement or operating agreement for the company? Generally, those agreements govern the buyout, sale or transfer of shares. If you are an officer or director of the company, you will need resign from that position. Did you sign a non-compete or non-solicitation agreement?

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Customer reply replied 5 months ago
I can send you the OA agreement would that help?

Y​es -- please upload and I will take a look at it.

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Customer reply replied 5 months ago
https://cdn.discordapp.com/attachments/357244257293172737/372527133484122113/OA_10.24.17.docx
Customer reply replied 5 months ago
Did this work?

Y​es. Give me a moment to review.

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Customer reply replied 5 months ago
Ok

U​nder Para. 6.2 of the agreement - you can sell your shares to a substitute member if the substitute member is approved by unanimous vote of the Members.

For just a withdrawal from the LLC - you will need to comply with Para. 6.6:

6.6 Withdrawal of Member. If a Member chooses to voluntarily withdrawal from the Company, the procedures for determining the payment to be made to the departing Member shall be set forth on Exhibit “B,” hereto.

The amount you are entitled to receive is determined by the procedures in Exhibit B.

You will need to tender a Notice of Withdrawal as a Member to the Company to start the process.

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Customer reply replied 5 months ago
Okay so there is no ND that I have signed so what would be the steps 1-10 to start a new company and leave this one?

The operating agreement does not preclude you from starting a new company once you withdraw.

Attached is a sample Notice of Withdrawal.

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Customer reply replied 5 months ago
What does this mean I can not start a new one?

N​o. As soon as you withdraw - you can start a new company. You can search and incorporate your new business name all online. You can obtain you business operating license from your county (occupation license). If you need to trademark your business name, you can do that with the State Secretary of State.

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If so, please be sure to accept my response and post a positive 5-star rating.

Lori
Lori, Attorney
Category: Business Law
Satisfied Customers: 2,378
Experience: Business law attorney with over 25 years experience
Verified
Lori and 87 other Business Law Specialists are ready to help you
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Customer reply replied 5 months ago
What are the steps 1-10 that I should do to protect myself from my old business and my steps to start my new business 1-10 this would really help me to get my lawyer going on the right steps
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