Legal Question in Business Law in New York

Transfer or Buyout of 50% Partner's interest in Nevada LLC

Hi,

I recently formed an electronic wholesale LLC in Nevada with one partner. We have since decided that I will buy his half of the LLC, which would be his contribution to the filing fees ($387.)

He has also agreed to give me exclusive rights to the business name, and has only requested that he be issued a money order, and for him to be released from any future liabilities the LLC may incur.

Another side note, the LLC operates out of his NY address. So my questions are: 1) What paperwork do I need to file in order to put onto paper our deal agreement? 2) Once he is bought out, will he automatically be absolved from any legal ramifications from future dealings, and/or the tax implications with having once owned part of the LLC? and 3) I'm pretty sure I need a separate form to change the address so is there one amendment that can take care of all three at the cost of a single filing?

I know this is a tough one, but any help is appreciated. Thanks!


Asked on 4/15/09, 6:32 pm

1 Answer from Attorneys
Steve Brodsky Esq. CheapNewYorkLLC.com

Re: Transfer or Buyout of 50% Partner's interest in Nevada LLC

This is not as tough as you think. All you would need to do is prepare an operating agreement (if you have not already done so), OR amend your current operating agreement plus prepare a membership purchase agreement. This will absolve him of future responsibility. The address would need to be changed via the Nevada SOS.

If you need a lawyer's help, I can take care of it quickly & cheaply. See my website for details or contact me directly.

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Answered on 4/15/09, 6:54 pm


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