QUESTION
I want to give my partner 51% contorl of my LLC(s) so we can become a service disabled veteran owned business. In illinois
Asked on May 01st, 2012 on Business Law - Illinois
More details to this question:
how do we go about that, i was informed that illinois does not desinagte percent of ownership, which sounds wrong to me. do we give out 51% of stock to him? we plan on selling to the GOV. at this point we have yet to turn in annuel report can we add him to that?
1 ANSWER
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LLC ownership is governed by a private agreement among the members called an "operating agreement." It is not filed with the state, and the state has no way of knowing (and doesn't care) what the ownership interests are. You can prove the ownership interests by providing a certified copy of your operating agreement and partnership tax return to the relevant federal government agency. See an attorney to handle the mechanics of this.
Answered on May 01st, 2012 at 5:28 PM