Massachusetts Agreement to Redeem Interest of a Single Member in an LLC
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How to fill out Agreement To Redeem Interest Of A Single Member In An LLC?
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FAQ
For example, if Peter and Mary are members of a two-member LLC, and Peter has a 40 percent ownership interest, and Mary has a 60 percent ownership interest, then, under state rules, Peter would be allocated 40 percent of the LLC profits, and Mary would be allocated 60 percent.
LLCs function under the terms of an operating agreement, a document comparable to a partnership agreement. LLCs must also file an annual report with the Secretary of the Commonwealth. See the Secretary of the Commonwealth website for additional information about becoming a LLC.
LLCs that want to file a Massachusetts amendment have to file a Certificate of Amendment with the Corporations Division of the Secretary of the Commonwealth and pay at least $100 for the filing fee. You can do this by fax, mail, or in person. Massachusetts does not have a ready-made form, so you have to draft your own.
Massachusetts does not require you to submit an Operating Agreement to form your LLC. However, it is important for every LLC to have an Operating Agreement, establishing the rules and structure of the business.
Typically, the business owners must write a resolution to amend the LLC Operating Agreement to change the ownership percentages and then have the owners sign it to document their approval.
To change a member's ownership percentage in your limited liability company (LLC), you'll need to consult your operating agreement. As a legal document, your operating agreement should include the names of all LLC members as well as their financial stake in your company.
To update your Massachusetts LLC's Certificate of Organization, you'll need to file an Certificate of Amendment form with the Massachusetts Secretary of the Commonwealth, Corporations Division. You can file your Certificate of Amendment for $100.
A REDEMPTION AGREEMENT ALLOWS A DEPARTING SHAREHOLDER, PARTNER OR LLC MEMBER TO SELL OUT THEIR INTEREST IN THE BUSINESS TO THE COMPANY INSTEAD OF THEIR CO-OWNER.