Utah Minutes of a Special Meeting of the Members of a Limited Liability Company Authorizing Redemption of Member's Interest in Limited Liability
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FAQ
Because the ownership interest in an LLC is considered an asset, it is possible for a living trust to become one of the members of the LLC. With all states now recolonizing single-member LLCs, it is possible for a living trust to be an LLC's only member.
Once a member withdraws (or dissociates) from the LLC, the LLC remains in business and does not dissolve. A dissociated member continues to hold an economic interest in the LLC for the same ownership interest percentage as their former membership interest.
There is no set requirement for what an operating agreement must contain, but it generally governs, at the very least, relations among the members as members and between the members and the company; rights and duties of manager(s); activities and affairs of the company and how they are to be conducted; and how the ...
LLCs can create different classes of LLC Members in the Operating Agreement, with different voting rights based on factors like total ownership interest, capital contributions, or management responsibilities.
I suggest you review your LLC's operating agreement. It should contain the procedure on how to deal with an outgoing member. If you do not have an Operating Agreement, then depending on state laws you might have to buy out your partner's membership interest or might have to dissolve the LLC.
Dissociation terminates the dissociated member's rights to participate in firm business, unless the LLC is dissolved, in which case the dissociated member is entitled to participate in the 'winding up' of the LLC.
When a member is dissociated from an LLC, the dissociated member is divested of all rights as a member to participate in the management or operation of the company.
Leaving an LLC is called ?withdrawal? rather than resignation or ?removing your name.?