Legal Question in Business Law in New York

Re: Changing a member of an LLC

You would need an agreement between either the LLC (or the remaining members or a member) and the member transferring his membership. You would need a consent agreement (or authorization of the transfer) between the remaining members.

Mike.

Re: Changing a member of an LLC

You need to amend your operating agreement. Don't have one? Call. Lawyer-prepared two-member operating agreements are just $199.

Re: Changing a member of an LLC

The answer depends on what is happening and how the membership is documented. If the one member is selling his interest to the other 2 members, either the terms are contained in your operating agreement or you may need a purchase agreement. If the member is simply resigning and giving up his interest to the other 2 members, it depends on whether or not you have membership certificates. If you have certificates, you will need to complete a membership unit transfers (should be on the back of the certificates) and the LLC and other members should consent to the transfers.

There may be tax and other consequences in connection with the transfer that may need to be considered.

If you would like further info or would like to set up an appointment to discuss this matter, please do not hesitate to contact me.

Re: Changing a member of an LLC

There are a number of ways to accomplish this. I would need more information about your particular circumstance. Please feel free to contact my office if we may be of any assistance.