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