Transferring LLC ownership when getting a divorce?

[Shane Moss]

Hello Everyone,

Unfortunately, I am going through a divorce. My wife will not be keeping either of the two rental properties and I need to make sure our 50/50 partnership is dissolved.

I know I need to do something with the operating agreement to get her name off of it. I'm just not sure the best way to go about doing this. The only thing the operating agreement states in regards to one member leaving, has to do with refunding the initial capital of that partner.

Is there a generic form on the Interent with the proper legal jargon that we can sign and attach to the original operating agreement?

One more thing... Both of the properties are titled in the business name. As such, I'm assuming nothing needs to be done here once the business is soley in my name. Is that correct?

Thanks!

Shane

[Bill Gulley]

This is calledan "event of withdrawl" Your wife will simply resign from the company. Each state has events ofwithdrawl stipulated in the LLC statutes, follow those. A letter from here may be all that is required. Take her off any signature cards with deposits, enter the withdrawl in the minutes with a Special Meeting. Reference the court order as the basis for the withdrawl if necessary. Get all business cards, ads, etc with her name on them so that they are not in circulation. Check insurance matters as a point of contact for the company. Some attormneys advise notifying those you do business with that the memebr withdrawn is no longer with the comopany. You do not close the company or need to start another. If either of you have an attorney in this matter, they should be able to assist you in winding up the withdrawl. Good luck