Legal Question in Wills and Trusts in California

How to be bought out of family LLC?

I am one of six members (sisters) of an LLC. I would like to be bought out. What kind of an attorney do I need and will this be a simple procedure?


Asked on 3/06/07, 11:03 pm

3 Answers from Attorneys
Matthew Mickelson Law Offices of Matthew C. Mickelson

Re: How to be bought out of family LLC?

You may not need a lawyer if all sides agree on a buyout amount, although you may want one if you want some kind of formal agreement between everyone. If there is a real dispute about you being bought out, then perhaps you should see a lawyer.

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Answered on 3/07/07, 4:57 pm
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: How to be bought out of family LLC?

Sounds like six attorneys are about to become wealthy.

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Answered on 3/06/07, 11:14 pm
Donald Field Donald L. Field, Jr., Attorney at Law

Re: How to be bought out of family LLC?

The first step is to determine whether or not there is a buy-sell agreement signed by all members of the LLC (or provisions in the operating agreement to the same effect). In any case an attorney should be retained for advise and to ensure that any sale and purchase is properly documented.

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Answered on 3/09/07, 12:09 pm


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