How do I remove a member of anLLC S-corp that hasonly2 members?
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How do I remove a member of anLLC S-corp that hasonly2 members?
In OH; no cash transfer.
Asked on July 21, 2011 Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
There is a difference between a S corporation and a limited liability company. They are two distinct means in which an entity can be held in organizational form for business purposes.
However, in a corporation, there are bylaws of the operation of the corpoation and removal of directors or shareholders. Read the bylaws of the corporation for the process of removing a member for the corporation assuming there are written bylaws.
A limited liability company has a document called an "operating agreement" similar to bylaws of a corporation. The "operating agreement" of the limited liability company, assuming there is one, should set forth the process for removing a member.
If there are no bylaws or oprating agreements, you need to read your State's stautes on the subject for grounds and process for removing a member of a corporation or limited liability company.
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