Q: Death of a partner and partnership interest.
A partner in an FL LLC/Partnership passed away. There were 2 partners. How can the spouse take over partnership interest of the partner who died? Can the spouse and existing partner change LLC members?
A: You will have to review your LLC Operating Agreement that you drafted when you formed the LLC (this should address death of owenr) or you will want to look at the Florida default statutes on how to handle matters. If nothing is clear, a probate will have to be done for the deceased partner (will most likely need to be done anyway to address the deceased owner's interest in the LLC) and in order to determine and transfer ownership to the surviving spouse, who can then address or dispose of this ownership interest. Your starting point would be the internal LLC documents as well as the probate to follow. You will want to speak with a Florida Business Attorney and the spouse needs to work with a Florida Probate Attorney.
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