I am buying a 1/3 share of a LLC. Previously the LLC was single member owned. The owner has debts that I do not want to be party to. Is there a way for us to create a newly formed LLC with both of us a members, buy the assets from the previous LLC and leave the debt that is owed in the LLC that he fully controls and manages, without being taxed on this transaction?
If not, is there a way for the newly formed LLC to buy in full the single member LLC without being taxed on the transaction (this would be for other reasons)?
What would these scenariosís entail?