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I have decided to withdraw from the LLC from my last

question and let my partner...
I have decided to withdraw from the LLC from my last question and let my partner continue to run it. I will make him get a new bank account and I will cancel all my vendor agreements that I signed on behalf of the LLC and contact Liquor Dept to be removed from the liquor license. Anything else I should do to make sure I walk away with no potential liability? Thank you.
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Answered in 26 minutes by:
4/28/2018
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 14,401
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today.

I think the other thing you should do is come up with a separation agreement that stipulates a) specifically whether you are going to retain any ownership in the LLC; b) whether you will receive any profits from the LLC going forward; and c) that from the date of that you sign the agreement, that you will not be held personally liable for any claims by the LLC going forward.

This will help limit your liability considerably in the future and will prevent any claims that you were operating the LLC. Coupled with the things you've already done, you will be in good shape.

Because I value your input, I would like to know whether you have any other questions for me today that I could help you with?

Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 14,401
Experience: Licensed to practice before state and federal court
Verified
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Customer reply replied 3 months ago
Thank you

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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.

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