QUESTION
How can I remove my name from an LLC?
Asked on Jul 19th, 2013 on Labor and Employment - Idaho
More details to this question:
I partnered and then resigned after a few months because of some reasons. I submitted and notarized my resignation. He accepted my resignation but I found out today (7/19/2013) that he hasn't done anything yet. He hasn't removed my name on the LLC and loan. What would I do to get my money back and remove my name on the loan and how much does it cost to do it?
3 ANSWERS
You should contact an attorney that handles these type of cases. I do not. Merely giving notice to the LLC will not do this. Being removed does not relieve you of liability to creditors that loaned funds while you were a llc member.
Answered on Jul 23rd, 2013 at 12:30 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Need the details, and if the loan was from a third party and guaranteed individually the creditor has a right NOT to let you off the hook. No reasonable estimate for the legal costs is possible without more details. If you are in Michigan call to engage us and with further details.
Answered on Jul 23rd, 2013 at 12:29 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Removing yourself from an LLC and removing your obligation under a loan are two different things. You apparently gave up your ownership interest in the LLC. That may or may not be effective. However, as far as the loan goes, you need to talk with the lender as to what you need to do to get off the loan. My guess is it will cost some money. Of course, you can always talk with an attorney to see if there is something in the documentation that you might use to get out from under the loan.
Answered on Jul 22nd, 2013 at 1:46 PM