Legal Question in Business Law in West Virginia
Sale of Interest in an LLC
I am currently a 60% owner in a small LLC. I want out of the LLC by selling my whole interest to my 40% partner. Once we sign an agreement to transfer my shares, and submit it to the state, what liability do I have in the company from that point on? I am afraid of where the partner wants to take the business, and I want to protect myself from future liabilities of the company, if any. Thanks.
1 Answer from Attorneys
Re: Sale of Interest in an LLC
Good Morning,
A lot may depend on unknown facts. Is there an Operating Agreement? Generally, if you are not an owner, you are not liable going forward. It may be necessary to let third parties know that you are no longer associated, so as to avoid any "appearance"of involvement. If you are a party personally to any LLC obligations, you may not be released.
If you have any further questions, I can be contacted at my office today-703-762-7399.
Best Wishes,
Related Questions & Answers
-
Best way to set my business up for tax purposes, etc. I have started an online... Asked 7/25/02, 12:17 pm in United States West Virginia Business Law