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Removing a member from LLC

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O

oti

Guest
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
 


L

loku

Guest
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.
 

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