If my wife and I are part of an LLC that we want to take our names off of, how do we do it?

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If my wife and I are part of an LLC that we want to take our names off of, how do we do it?

We have sent operating agreements to our business partners and have never received anything back. I know we can’t just walk away from it. Is there any other course of action for us?

Asked on October 2, 2014 under Business Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

You can't simply take your names off an LLC. Rather either--

1) Other people need to acquire all your interest in the LLC (and you resign from any any positions you hold with it); or

2) The LLC itself is dissolved.

If you can get the other partners to buy, or simply take "for good and valuable consideration, the sufficiency of which is hereby acknowledged" your interest in the LLC, that will take care of it. Or if you and your wife are majority owners, you can dissolve the LLC and distribute and assets (and debts). If you are minority owners and cannot get anyone else to buy/accept your interest(s), you'll have to go to court for a court order ordering that the LLC be dissolved; if you need to do that, you should get an attorney to help you.


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