QUESTION

How do I leave an LLC formed to produce my film?

Asked on Dec 29th, 2012 on Entertainment Law - Washington
More details to this question:
I would like to leave asap but with the rights to my film because I can't go any further with this person as a production partner. Film is nearing completion and will be entered into festivals. What are my options? Thanks so much for the help.
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1 ANSWER

The conditions for you to leave as a member of an LLC are determined by the state law that the LLC was formed under and any operating agreement that have in place. What will matter here is whether the film rights are property of the LLC or are your property if you leave the LLC. It is impossible to say without looking at the operating agreement and the applicable state law. This is a good example of why it is very important to have an operating agreement in place when you go into business with someone so you know what will happen to the company assets if you want to exit.
Answered on Dec 30th, 2012 at 11:55 AM

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