sell a percentage ownership in my LLC to a member
Hi everyone,
I was hoping to get some advice on a matter regarding my LLC.
Currently, I co-own an LLC with another member and we own a property in Florida. However, we agreed that I sell my share of the company to him (and he will transfer the agreed-upon amount of my investment and profit to me).
the goal is he will be the only owner of the LLC (and the property...).
The question is-
what the official, legal procedure for this would be?
Should we be going through a title company or attorney?
Any guidance or advice would be greatly appreciated.
Thank you!
This is done by Assignment of Membership Interest.
I would use an attorney. Many title companies are not interested in work like this because there is no deed to record, no title insurance and they may not be familiar with the concepts. The attorney would assist with the closing by preparing the agreement(s), taking partner 1's funds into escrow, having documents executed, and then disbursing funds to partner 2. There are adjustments to make similar to a typical real estate transaction so an attorney at a title company or real estate attorney would probably be the best fit.
Quote from @Tom Gimer: Thank you so much! Very helpful
This is done by Assignment of Membership Interest.
I would use an attorney. Many title companies are not interested in work like this because there is no deed to record, no title insurance and they may not be familiar with the concepts. The attorney would assist with the closing by preparing the agreement(s), taking partner 1's funds into escrow, having documents executed, and then disbursing funds to partner 2. There are adjustments to make similar to a typical real estate transaction so an attorney at a title company or real estate attorney would probably be the best fit.
