This document can be used if a party wishes to sell its interest to an LLC (or if a party wishes to acquire an interest in an LLC) and requires a written agreement. This document is probably stored in the LLC to have a record of the sale. To sell your LLC, you need to agree on a price with your buyer. You may want to hire a business valuation professional or allow your buyer to check books and records. The terms of sale are set out in a memorandum of understanding or roadmap, perhaps followed by a formal contract and a sales contract. Submit these documents to the public authority that manages your LLC. Create a draft sales contract between you and the other party so that other LLC members are allowed to take your share of the company`s interests. There is no specific format for transferring ownership of an LLC. There are customizable templates on the Internet that you can find and use by a simple search. Alternatively, you can recreate a simple sales document from the base. Your sales document should contain only: If your LLC`s business agreement does not contain a buy-sell disposition or if you cannot enter into an interest transfer agreement with other LLC members, check the laws of the limited liability company in your LLC`s home country.
State laws have standard provisions that govern the activities of LLCs that do not have company agreements. An LLC is governed by members and a member`s ownership is transferred when it sells the company`s membership shares through a sales contract. What happens from there depends on whether you own a member`s LLC or part of a multi-member LLC. While you may have a right of recusal with respect to other members if you are part of an LLC with multiple members, you may have stricter rules for the sale in your operating contract. For example, you may need to keep the business at a certain value. It is in your best interest to include a buy-sell provision in your LLC`s corporate agreement, which is inspired by good anticipation. A buy-sell provision in a corporate agreement is essential for a smooth transfer of ownership of LLC. If you want to sell your entire business or need a buy-sell agreement, you need to consult a lawyer. If you don`t have a company agreement or members can`t agree on provisions, you may need to ask your state`s civil court for a judge to assess a price for your membership interest..
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