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I own an LLC with a friend in which we are both members. He would like to withdraw from the company and I was wondering if I needed a lawyer to remove him or if I could just remove him from the operating agreement on my own?
Asked on December 22, 2016 under Business Law, Alaska
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
If the two of you are in agreement, he can transfer his ownership interest to you and be removed from the LLC; both things can be done by drawing up an amendment to the operating agreement stating that he is giving you his interest and is being removed from any and all association with the LLC. While a lawyer could certainly draft this for you, you could also draw it up yourself.
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