LLC sale

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LLC sale

Can two members of an LLC having 25 ownership each 50
overall ownership sell the business without the other
50 in Maryland?

Asked on August 26, 2018 under Business Law, Maryland

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, they cannot. A MAJORITY of the ownership of an LLC can sell it without the consent/agreement of the minority ownership (though the minority ownership still must be paid its proportionate share of the proceeds), but 50% is not a majority. 50% of the ownership cannot do anything siginificant (like sell the business) without the consent of the other half--or least the consent of enough other owners to bring them to 50.1% or more of the ownership. It doesn't have to be a large majority, but a majority is necessary for a sale.


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