Assignment of Membership Interest

• Category: Small Business - Business Types and Forms - Limited Liability Companies - Member Interests
• State: Multi-State
• Control #: US-SB-BTF-LLC-MI-1-01
• Format: Word; Rich Text

Description

An assignment of membership interest is a legal document that allows members of a Limited Liability Company (or LLC) to reassign their interest in the company to a different party. LLC laws are different from state to state, so what's required in an assignment of membership agreement changes. Typically seen when a member wishes to exit a business, the assignment of membership interest agreement is used when transferring membership interest to another person. It is possible to transfer membership of an LLC to something like a revocable trust but requires those terms and conditions to be set in the assignment agreement.