Legal Question in Business Law in Delaware

Can an existing LLC develop into a partnership?

I was offered a partnership into a business venture with two colleagues. One person already owns an existing LLC. We would like to operate under this existing company in order to reduce costs. What do we need to do legally, in order to allow the three of us to become equal members?


Asked on 11/23/04, 9:51 pm

3 Answers from Attorneys
Michael Carroll Michael D. Carroll, L.L.C.

Re: Can an existing LLC develop into a partnership?

You would have to either form a new LLC or revise the operating agreement for the esisting company to include the new members, their responsibilities and how the company is to be managed.

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Answered on 11/24/04, 9:58 am
Bruce W. McCullough Bodell, Bove', Grace & Van Horn. P.C.

Re: Can an existing LLC develop into a partnership?

You can amend the LLC Operating Agreement to add new Members and make it reflect the ownership and operation of the revised entity.

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Answered on 11/24/04, 11:35 am
Marc V. Taiani AAAL - Allegheny Attorneys At Law

Re: Can an existing LLC develop into a partnership?

File the appropriate paperwork both with the state and have an attorney draft an operating / ownership agreement expressing your interests in the LLC...without this you don't have squat.

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Answered on 11/30/04, 9:37 pm


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