Legal Question in Business Law in Minnesota

Re: LLC buy out

That depends on what your documents say. It is probably advisable to have an attorney do it for you and to conduct the closing so that you can make sure you have your documents in order. I just argued a case at the court of appeals yesterday where my client did not consult me at the time of the transaction but only after it had gone south, and it would have been a lot cheaper to talk to me up front.

MY STANDARD DISCLAIMER: This is not intended to be legal advice or to create an attorney-client relationship. No attorney-client relationship is intended until you and I sign a retainer agreement.

Re: LLC buy out

The terms of any sale of a membership would dictate how contract terms are drafted. There is no "form" that can safely be used. I A ocntract to upurchase a membership interest is necessary. There should also be written actions of the Memberhip included in the LLC books to ratify the sale and the contract used. Depending on the particualr contract terms, other documents may be necessary suich as a promissory note.

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