Legal Question in Business Law in Texas
Texas LLC
Small landscape LLC set up with 2 members, each having 50% ownership. One member wants to sell his share of business and be completely out of the business. Can he sell his share to the remaining member? Or does there need to be a third party member to join the company by purchasing his shares? I would like to know my options without dissolving the LLC. Thanks.
Asked on 6/24/09, 3:29 pm
1 Answer from Attorneys
Re: Texas LLC
In most cases, you want the remaining members to buy out the leaving members. You can double check the procedures in the regulations or operating agreement. You should have counsel help you do this. If everyone agrees, you can probably have it done for a few hundred dollars.
Answered on 6/24/09, 3:44 pm
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