How do I give up interest in an LLC?

I was a part-owner of an LLC 15 with my old employer. I want to withdraw my ownership and make sure I will no longer have any legal or financial obligations in the

future.

Asked on March 28, 2017 under Business Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You can't give up your interest unless someone else takes it: your interest in the company is like real estate in a sense--someone has to own it. You can sell it to someone, like your own employer, even if only for a nominal fee; you can even gift it to someone for free, assuming they will accept it (you can't give someone something against their will). If someone will take your full interest in the LLC, that will sever your obligations to it from that point forward (you could potentially still be liable for certain things done prior to giving up your interest). If someone does take or buy your interest, have a written agreement confirming this.


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