Posted by Kevin Earl on November 11, 2004 at 19:52:29:
I’m considering leaving an LLC based in Louisiana.How do I go about doing this?There is no shareholders or partnership agreement in place.
LLC distributions/leaving member - Posted by jeff
Posted by jeff on October 07, 2004 at 09:39:09:
Hi.
If an LLC (NYS) has no written operating agreement between its’ members and a minority(1/3) member wishes to leave (‘quit’)
are the remaining majority of members obligated to convert the leaving members’ equity to cash and make a distribution?
or obligated to liquidate assets to satisfy the leaving members equity?
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I believe the answer would be no since there is no written provision that compells distributions to be made in any particular fashion.
Please let me know if there are some other issues that should be factored in.