Transfering ownership of an llc

by Sarah S.
(State College, PA, Centre County)

How would I go about transferring ownership of an llc business?

Answer

You will want to see an attorney to properly paper the transaction. However, the general steps are

1. An agreement for the purchase and sale of membership interests in the LLC between the buyer and sell.

2. An amendment or restatement of the operating agreement reflecting the resignation of the seller from the LLC, and the membership of the buyer.

3. Filing updated articles of organization or annual reports (if required by your state--each state is different) to reflect new ownership.