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How to sell an LLC.

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sunshinee50

Member
What is the name of your state? PA
I started a recording business with my fiance last year. Actually the business hasn't taken off yet, but it will. Have alot of people interested. The deal is this. I agreed to finance the start up of the business and he would learn the business and do everything involved. Once we got a few clients and he brought in what I paid to start it up then I want to sell the business to him since it was his idea, name and all. I did not put his name on the business at all because I was covering myself (bad relationships in the past) and he had no finances to help at that time. How do I sell the business to him, make him the owner with me being a silent partner? I realize that this probably will mean involving a lawyer but was curious as to how it is done.
 


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seniorjudge

Senior Member
sunshinee50 said:
What is the name of your state? PA
I started a recording business with my fiance last year. Actually the business hasn't taken off yet, but it will. Have alot of people interested. The deal is this. I agreed to finance the start up of the business and he would learn the business and do everything involved. Once we got a few clients and he brought in what I paid to start it up then I want to sell the business to him since it was his idea, name and all. I did not put his name on the business at all because I was covering myself (bad relationships in the past) and he had no finances to help at that time. How do I sell the business to him, make him the owner with me being a silent partner? I realize that this probably will mean involving a lawyer but was curious as to how it is done.
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It says (or should say) in your operating agreement how to transfer your interest(s).

If there is real estate (for example) you will have to sign a deed over to him.

If there is anything that is titled that is personal property (e.g., car, stocks, etc.) you will also need to transfer that in writing.

Well...everything needs to be in writing, especially the blue sky.

Get a lawyer.
 
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sunshinee50

Member
Thank you very much. I will get an attorney to do this right. There is no real estate, buildings, leases etc. The only thing the business has is a computer, programs and office supplies. All of the instruments, microphones, recording sound station, mic stands etc were his. All I provided was the money to open up the business name with a lawyer making me the sole owner until at which time he proved to me that he was going to make good, he has and so will I by giving him the business. Thanks again.
 
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