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.


Asked on 1/03/05, 12:04 am

1 Answer from Attorneys
Robert Strupp Robert J. Strupp,Attorney at Law, PLC

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,

Read more
Answered on 1/03/05, 8:05 am


Related Questions & Answers

More Business Law questions and answers in West Virginia