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
Answered on 1/20/11, 5:13 pm
John R. Browning, Esq.
[email protected] (949 234-6266)
Yes on both
Answered on 1/20/11, 5:15 pm
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