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
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.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
