Legal Question in Business Law in Georgia

Terminating one partner in LLC

I am 1/3 partner in an LLC busniess. Each one of us applied for a credit card in the company name along with a line of credit account at the bank. I would like to pay off my 1/3 of the debt owed and get out of the partnership. What steps should I take to get out to avoid any future problems?


Asked on 2/04/07, 4:15 pm

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Terminating one partner in LLC

You mention nothing about the agreements related to the debt and credit accounts, the provisions in the LLC/membership agreements etc. Your question is impossible to answer without all information, except to advise you to have a lawyer review it all and provide you with a firm answer.

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Answered on 2/04/07, 4:59 pm
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Terminating one partner in LLC

Review the operating agreement (or whatever it is termed) to determine your rights and duties. You should also review any agreements with the credit card and bank, and any additional agreements with any of the other members. You will probably need to have the other members sign off on your departure and pay-off of the debt.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

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Answered on 2/05/07, 8:18 am


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