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Extricating myself from 50/50 Partnership LLC

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quincy

Senior Member
I know. That's why I've turned it over.
I just wanted to make sure that you recognized business trademarks (name, logo, slogan, etc) and graphics as business assets. How much value they have is a question mark, though. :)

You will want to have a Pennsylvania attorney personally review all of your business documents but you can learn some how-tos of removing yourself from the LLC in the link provided earlier.

Good luck.
 

LdiJ

Senior Member
You should be able to close the bank account without her signature. At least check with the bank about that.
 

quincy

Senior Member
If the account is really at $0.00 the bank may well close it for him sooner or later.
Possibly. I doubt he can close the LLC’s account unilaterally, though, or remove his name from any LLC obligatory documents.

He will want an attorney in Pennsylvania to advise him.
 

LdiJ

Senior Member
Possibly. I doubt he can close the LLC’s account unilaterally, though, or remove his name from any LLC obligatory documents.

He will want an attorney in Pennsylvania to advise him.
I agree he will want an attorney in PA to advise him, however I have open and closed multiple business bank accounts in my lifetime (LLC and S-corp) and never has it taken all of the members or signatories to do so. I was always able to do it on my own. Now, if there was money in the account and I did not use or distribute the money properly THEN it would have been a problem.
 

quincy

Senior Member
It depends on how the account was opened. What you did or did not do is of little relevance. You can read through the information in the link I provided.

It is (generally) not possible for a 50/50 partner of an LLC to simply walk away from all possible obligations. It is up to the LLC how to remove a member.
 
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LdiJ

Senior Member
It depends on how the account was opened. What you did or did not do is of little relevance. You can read through the information in the link I provided.

It is (generally) not possible for a 50/50 partner of an LLC to simply walk away from all possible obligations. It is up to the LLC how to remove a member.
The OPs point is that there are no obligations. There are no assets, there are no debts. Its an empty LLC.
 

JohnClark

Member
You should be able to close the bank account without her signature. At least check with the bank about that.
Yes I've already spoken to them. While I am able to, that is technically a breach of the contract as it states that all parties must unanimously agree on decisions like that.
 

quincy

Senior Member
Yes I've already spoken to them. While I am able to, that is technically a breach of the contract as it states that all parties must unanimously agree on decisions like that.
I think you want to avoid breaching the terms of your contract. You should seek out assistance from an attorney in your area to see how best to extricate yourself from the partnership.
 

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