How to rescind my co-ownership of an LLC?
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How to rescind my co-ownership of an LLC?
I need to back out as a co-owner of an LLC. I am no longer in touch with the other co-owner after he backed out weeks after LLC was formed due to the business being “too much work”. I am looking for a solution that involves not having to be in touch with that co-worker in any way, and wish to deal directly with the state. I am not looking for a dissolution as I am not willing to pay any more money due to the other co-owner’s irresponsibility. Is this possible? If so, how do I do it and which department does it involve? Also, what would the cost be?
Asked on October 18, 2011 under Business Law, New Jersey
Answers:
Michael D. Siegel / Siegel & Siegel, P.C.
Answered 12 years ago | Contributor
You need to bring a lawsuit to dissolve the LLC and for an accounting. You cannot dissolve an LLC with the State on your own (as you likely lack authority to act alone), and you need to pay all taxes. If you want the other guy to pay, you need a judge. I have done these cases in NJ. If the matter requires a trial it can be expensive, but to commence the suit and try to get a default or quick resolution, I would charge $3000.
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