Legal Question in Business Law in Maryland
how do you remove members from llc to make it at single member llc
2 Answers from Attorneys
Consult the operating agreement for the LLC to see if there is a defined way (there probably isn't). Members of an LLC are like shareholders of a corporation. The only way to "remove" them is to buy their interest on terms that are mutually acceptable. Consult with an attorney in your area for specifics.
Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise
Franchise Attorney
The attorney in California is correct.
You should consult the operating agreement. If the operating agreement does not address this, you should review Maryland Statute -- Corporations and Associations -- 4A. This Title provides default provisions for LLCs.
After you review the operating agreement and 4A, if you need additional advice from a Maryland lawyer, I am available to to discuss your options with you.
I am licensed in Maryland and practice in the Baltimore Metro Area and the DC/Maryland Metro Area.
Related Questions & Answers
-
My employer did not pay into unemployment compensation and laid me off after ten... Asked 7/28/10, 11:54 am in United States Maryland Business Law