Atlanta, GA asked in Business Law for Georgia

Q: I want to terminate my partnership , how do I go about leaving if it’s never made money or filed taxes ?

The only thing is the LLC is in both our names

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1 Lawyer Answer

Nicole Theodore

Answered
  • Atlanta, GA
  • Licensed in Georgia

A: Typically the terms set forth in the LLC’s operating agreement (OA) will determine what happens when an LLC member wants to withdraw, so that’s the first place to look. The OA should also specify what happens to your interest in the company. In the absence of an operating agreement, the default Georgia rules will apply. If no OA, you should have a business attorney draft a withdrawal agreement for both you and your business partner to sign. I would stress the importance of not trying to this on your own though, as there can be other liability and tax implications that a business attorney would know how to address.

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