LLC- member wants out

What is the name of your state?
North Carolina

I am invloved in an LLC with one other person, who is basically has not had any involvement in the actual running of the company in about 2 years. He would like to get out of the business, which would be fine with me, but the company which has the potential to make money is still in debt, in order for him to get out, is he liable for any of the debt incurred this far?If so, should he be required to pay his part before getting out?

Is this a Limited Liability COMPANY or Limited Liability CORPORATION?

It is a limited liablity Company

hexeliebe said:

Is this a Limited Liability COMPANY or Limited Liability CORPORATION?

Click to expand...

**A: what does an LLC stand for?

Then there is no protection for the debt if and when he leaves. Please consult a corporate attorney in your city BEFORE you do anything with this. LLC laws change with every jurisdiction and state.

Thanks, I kind of thought we would have to do this, Can this member insist on getting out without dissolving the whole company, and if it is dissolved wouldn't the debt be split- Sorry if this is a dumb question, I'm trying to learn before just accepting something that doesn't feel right

I didn't Know if anyone else had any information about the diecision of one member to get out of a business that still has alot of debt- it is a Limited liability company