Legal Question in Business Law in New York
Transfer of LLC interest %
If members of an LLC want to change the percentage of ownership (and/or Profit/loss percentage split) of an LLC in New York, should just an internal document have to be prepared or does any filing need to be done with New York State.
Do all members need to sign the form or just the managing member (or does it decided by the operating agreement)
What is the exact procedure for above.
Thank you,
Marc Berger
2 Answers from Attorneys
Re: Transfer of LLC interest %
Mr. Berger, this is goverened by the operating agreement, and nothing is filed with the State. Please contact me if you need anything further.
Re: Transfer of LLC interest %
The document only needs to be internal and not filed. It must be signed by all of the members. You should have a document that details your ownership interests, what occurs in the event of the death or disability of one of the members, division of profits and the basis for same, the method for selecting the manager, etc., etc. Typically, the cost of such a document is $2500 for common arrangements.
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