What Should I Do With My LLC????

4 Replies

Guys/gals,

Here is my situation. I set up a LLC with a partner awhile back and we have a bank account set up. Well my partner isn't financially ready to do proceed but I am. He said he didn't care if I removed him from the LLC.

So is it easy to remove a 50-50 partner in our LLC?. Or is it not worth the hassle and should I just set up another separate LLC in my own name?? It was kinda a modest hassle to set up this LLC from what I recall(did it 3 years ago).

Thx.

Your operating agreement should already have this spelled out so I am guessing you don't have one.

You are outside of diy zone and should spend $200 and call an attorney in my opinion.

Your money is better spent opening a new llc. it's only $200 to start a new LLC in Washington. If you want to keep it clean just go to the secretary of state website and print a certificate of dissolution. Then open a new one for $180 + $20 to expedite.

Just my non-legal opinion.

Thanks guys. I just read the assignment section of the operating agreement and he would need to sell, assign or dispose of his share in the LLC to me. Sounds like more trouble than its worth to dissolve or transfer his share to me.

Think it would be easier to set up a new LLC in my name for 200.00!

Thx again.

Sounds to me like you are making the right choice by just setting up your own. I would be very interested in hearing how your dive into REI turns out. I also live in Camas and have just started the process of refinancing my primary residence as well as my rental in Anchorage, AK to pull money out and be ready to jump on a deal when I find one. Did you see the nice duplex that was just on the market in Camas? That was what inspired the wife and I to get our ducks in a row as we don't see many good opportunities in our area.

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