What happens when one person is leaving a LLC?

Answer by  RushTull (149)

When one person is leaving an LLC, the company still can operate -- assuming that person is A) Giving up his percentage of ownership in the business or B) the other owner has the majority share in the business. Providing that the business has multiple owners, you could leave without any consequence.

Answer by  John48912 (86)

Limited liability corporations (LLCs) have many obvious advantages for anyone forming a business. In the case of an LLC which is dissolving,the primary consideration is division of the remaing assets; however, if only an individual is leaving and the LLC is staying in business, a determination needs to be made concerning payment to the individual, often in stock options.

Answer by  Danielle2480 (247)

When one person is leaving an LLC, consideration needs to be made for the current debt, investment made by the leaving partner and current value of the business. After this has been completed, any corporate filings will need to be ammended removing this person and replacing their position with any new members joining the organization.

Answer by  LexiP (722)

LLC statutes state they can either be dissolved or continued, with the latter occurring if the existing members agree to it.