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Category: Finance
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Experience:  Tax professional and business consultant for 35 years.
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Trying to find out if deposits on insurance and yard rent

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trying to find out if deposits on insurance and yard rent are in a buy out
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: the llc has a partner leaving and he wants 1/4 of all including the deposits made on yard rent, deposit of truck insurance and so forth
JA: Is there anything else important you think the Accountant should know?
Customer: the llc is in Washington state

Hi from just answer. I'm PDtax. I'll assist.

Buyouts of LLC members can take all kinds of forms, and negotiation can take all kinds of forms.

Deposits paid could be considered part of a buyout. So, too, should be things like release of future liability for issues of the LLC. Or release of business debts. Or anything else you want to put on the negotiating table.

Unless these amounts are substantial, I suggest a blanket nominal amount of cash be offered to make your deal and buy him out. $200, $500, whatever is needed.

I say that because that seems like a small amount to hold up a buyout.

Thanks for asking at just answer. Positive feedback is appreciated. Please rate my assistance to close out your inquiry. I'm PDtax.

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