If I’m a 50 partner in the LLC, how can I walk away?

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If I’m a 50 partner in the LLC, how can I walk away?

I’m seeking to exit the partnership without a settlement.

Asked on June 3, 2019 under Business Law, Oklahoma

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

You can't simply walk away from your ownership of the LLC, since you can't give up the potential liabilities or obligations that come from it. What you can do is either sell or gift (just give away) your ownership interest to a willing person (it has to be a willing person; you can't make someone take ownership against his/her will). If someone will take the ownership, just execute a simple agreement giving it to him/her, then make whatever changes are required with the information filed with the state. Make sure you keep signed copies of the document for future reference.


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