Transferring single member LLC to another person

by med

My LLC is a single member LLC- 100% ownership is mine. I would like to transfer complete ownership to someone else(relative). Can I just make a transfer document and do it or do I have to redraft the operating agreement?

What other requirements are there for transfer?

Answer

You're going to need to do the following:

1. Assign your interest in the LLC to the buyer.

2. Amend the Operating Agreement to add the buyer as a member and remove the seller as a member.

3. Amend the Articles of Organization with they state (only some states require this, for example, Arizona does).

4. Draft a resolution of the members of the LLC approving the sale of the interest.