More details to this question:
Hello - I need information on how to withdraw myself from an LLC business. I initially added my name with my boyfriend because I had the income/credit needed to start his business. I no longer feel comfortable keeping my name on the business since I have nothing to do with the day-to-day operations. The business name is East Coast Motors, LLC (a used car dealership). I don't want to be responsible for any taxes as well that will eventually have to be paid. My name is on the lease with him as well as a line of credit. I'm assuming there is nothing that can be done about the line of credit since I signed/guaranteed the loan but would like to separate myself from all other aspects. Also - I have no issues with my boyfriend and he does not oppose removing my name. Please advise on how much something like this would cost. Thanks - Michelle
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It requires an amendment to the Operating Agreement and a tax filing. This is around $1000. However, you may need to amend the lease depending on what it says, and you still have liability for taxes through the date you leave the LLC.
Answered on Sep 22nd, 2017 at 11:46 AM