Legal Question in Business Law in California

I have a partner in a calif llc that would like to be removed from the llc. he is a 45% partner in the llc.

2nd question can income % be changed with a writen agrement between partners? with the percentage partnership stays the same?


Asked on 1/15/11, 5:02 pm

2 Answers from Attorneys
Mayer Nazarian Nazarian Law and Tax Group

1. The 45% member can easily exit the LLC, the procedure would depend upon the terms of the LLC Agreement, if any, and the filing of a final tax return / K-1 Statement for the member.

2. The income percentages can be changed with a written agreement between members, still keeping the ownership percentages the same, however, this requires careful drafting otherwise there could be major tax ramifications.

I hope this helps.

Mayer

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Answered on 1/20/11, 5:13 pm
John R. Browning, Esq. [email protected] (949 234-6266)

Yes on both

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Answered on 1/20/11, 5:15 pm


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