When one party wants to transfer the ownership of an interest in an LLC, they can use this LLC Membership Interest Assignment. The document can also be used when one party wishes a membership interest in an LLC transferred to them.
When one member of an LLC, also known as a Limited Liability Company, wants to transfer their interests to another party, this LLC Membership Interest Assignment can be used. Such contracts are particularly prevalent when a member of an LLC leaves the company and wants to give up his interest.
Usually, LLC Membership Interest Assignments are created with an operating LLC. In most states, a limited liability company has to have Articles of Organization (also known as Certificates of Formation).
An LLC can be created for any reason. If an LLC owner chooses to waive their interest in the LLC, this LLC Membership Interest Assignment can be used.
This document is quite straightforward that consists of information needed to transfer an interest in an LLC. Both the Assignor (a person transferring the interest) and the Assignee (a person receiving the interest) can fill out the information about themselves.
You fill out a form. The document is created before your eyes as you respond to the questions.
At the end, you receive it in Word and PDF formats. You can modify it and reuse it.
When one party wants to transfer the ownership of an interest in an LLC, they can use this document. The document can also be used when one party wishes a membership interest in an LLC transferred to them (with approval from the owner). Note that both parties should completely understand that the membership interest will be fully assigned.
The filing party will have to specify identifying information about parties and the details of the membership interest, including percentage and whether or not it comes with voting rights.
A completed document requires signatures from both parties.
Individual state laws govern LLC Membership Interest Assignments.