Remove Partner, Add Wife to LLC

[Brian Moran]

I have an LLC that my partner and I used to purchase, flip, and sell a home in 2019. That is the only thing we done with the LLC.

He is willing to leave, and I then want to add my wife.

There is no capitol or equity in the LLC, just a name and EIN.

The state of Ohio says all I need to do is update the Operating Agreement.  On-hold with the IRS as I type.

Why not have her “buy” him out for $1. Then he is removed and she is inserted?

Next question - doesn't the LLC then become a "disregarded" entity?

We have purchased a 4-plex, and want the LLC to move rents into a account in the LLC, etc.

thanks for any advice.