Legal Question in Business Law in Louisiana

Limited liability coorporation

I am 50% owner of an LLC. I would like to give my half to the other owner. How do I leagelly to this? Also, the LLC has a line of credit with a local bank. If I give my half to the partner am I liable for the current dept on the line of credit?


Asked on 6/07/07, 9:31 am

2 Answers from Attorneys
Johm Smith tom's

Re: Limited liability coorporation

You can donate or sell your interest in the LLC to the other member, which you choose could have tax consequences for both of you. Depending on the structure of your LLC and how well it was set up, you may be liable for debts incurred until you sell and make all creditors and customers aware that you have left the company. We can assist you with this but would need to review your agreements relating to the LLC.

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Answered on 6/07/07, 9:46 am
Nick Pizzolatto, Jr. Pizzolatto Law Office

Re: Limited liability coorporation

You remain liable for the debts until the lending agency releases you.

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Answered on 6/07/07, 10:40 am


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