Home     Law Advice     Insurance Advice     Community    
Starting and Operating a Business : Includes Corporations / Partnerships / LLCs, etc.
Go Back   FreeAdvice Legal Forum > BUSINESS AND FINANCIAL LAW > Starting and Operating a Business

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 09-19-2002, 09:59 PM
oti
Guest
 
Posts: n/a
Question

Removing a member from LLC


What is the name of your state? Kansas

About a year ago, my partner and I formed an LLC, made up a buy sell agreement through an attorney, paying a huge fee for that. We did a 70/30 split. Both us now agree he will leave the LLC. I want the LLC to remain open of course but remove him as a member. What we both want to know is, if we are both in agreement on everything, is there a way we can remove him from being a member without going through an attorney but basically just void out our original buy sell agreement or amend it or replace it. I was hoping there was some standard form out that he could just sign that says he waives all right as a member of our company and we both sign it in front of a notary. Any ideas on if we can do this or not?

Thanks,
Oti
  #2  
Old 09-25-2002, 07:51 PM
loku
Guest
 
Posts: n/a
Your partner can withdraw from the llc in the way you mention. If you draw up an agreement that he withdraws and include the terms (e.g. how much he will get, if anything), then that will be sufficient. Be sure to include him as a member on the tax return for the part of the year that he is a member.
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 05:36 PM.



IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.

F
reeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.