Legal Question in Business Law in Wyoming
business sale
I set up an LLC to purchase a Curves franchise. Now I am selling that franchise. Can I sell the LLC holding the franchise or do I have to go through corporate to transfer the franchise? What if they want to continue to operate under the LLC?
1 Answer from Attorneys
Re: business sale
Without reviewing your articles of organization and operating agreement, it is a bit difficult to give you any specifics in response. However, generally speaking, the members of an LLC can sell their interest in the LLC. If there are multiple members of the LLC, there are likely to be transfer restrictions requiring unanimous consent to the transfer or an offer to sell the interest first to the LLC and then to any member who wants to purchase. It sounds, from your message, like this is a single member LLC, in which case these issues are really not likely to present obstacles. If you have additional questions, please feel free to contact me directly.
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