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10-31-2008, 04:12 PM
| | Junior Member | | Join Date: Aug 2005
Posts: 9
| | | Selling my share/ownership stake in LLC
What is the name of your state (only U.S. law)? GA
Hello,
Myself and a friend started a LLC in 2007 to operate a gas station in GA.
Now, I am getting out of the business and me and we have come to an agreement.
I am signing over a Bill of Sale in return for a personal check dated 10 days after the Bill of Sale.
The Bill of Sale will mention that my current partner's wife's name is buying out my share of the LLC and that I will be personally indemnified by him and his wife for any debts, bills associated with the LLC's and its operations.
Do I need to do anything else? Do I need ot ensure that my name is completely off the LLC? if so, how? Is it safe to sign a Bill of Sale in return for a personal check (that will be documented in the Bill of Sale) dated in the future?
Thanks! |
10-31-2008, 04:34 PM
| | Member | | Join Date: Oct 2008
Posts: 36
| | | I personally would want my name completly removed from the LLC. I also would want the funds on the date of the exchange. If they are using the BOS to get a loan to buy out I can understand that as well, but I would feel better with a cashiers check or bank check. |
10-31-2008, 04:35 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,467
| | Quote:
Originally Posted by needadvise1  What is the name of your state (only U.S. law)? GA
Hello,
Myself and a friend started a LLC in 2007 to operate a gas station in GA.
Now, I am getting out of the business and me and we have come to an agreement.
I am signing over a Bill of Sale in return for a personal check dated 10 days after the Bill of Sale.
The Bill of Sale will mention that my current partner's wife's name is buying out my share of the LLC and that I will be personally indemnified by him and his wife for any debts, bills associated with the LLC's and its operations.
Do I need to do anything else? Do I need ot ensure that my name is completely off the LLC? if so, how? Is it safe to sign a Bill of Sale in return for a personal check (that will be documented in the Bill of Sale) dated in the future?
Thanks! |
**A: wow, way off. |
10-31-2008, 05:11 PM
| | Senior Member | | Join Date: Mar 2006
Posts: 5,018
| | | Yes, see an attorney.
Just because you are indemnified for debts by the other party(s) does not mean you are off the hook for them.
Selling of a business is a complex activity. Don't do it with homemade forms and a handshake.
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