Question about my LLC

[Becky Hoffman]

Myself and two partners purchased a buy-and-hold under our LLC. One partner has gone out on his and lays no claim to that property at his request. He is now not considered a partner on the LLC. My preference would be to rename that LLC and exclude the absent partner. When it comes time to sell this property, what will happen then?

[Stuart Udis]

@Becky Hoffman If one member of the LLC does not care to have any claim to the property as you describe why can't the partner merely be removed from the LLC. The 2024 business return can reflect the change of ownership to two 50% partners (or however the ownership interest is split between yourself and the other remaining partner)? A huge wasted expense re-titling the property to a new LLC.