Legal Question in Business Law in Indiana

Want out of an LLC

I have posted a couple of questions regarding this already and appreciate greatly all the input to date. I believe I can pose my question(s) better now as I think I can clarify what type of entitiy I'm in. I filed my business name with the state of Indiana and indicated I wanted to operate as an LLC. When my partner and I first started doing business, we consulted with an accountant. I was under the impression before consulting with the acct that I needed to meet with a lawyer to make the LLC ''official''. The acct said we are ''official'' already, I don't have to meet with a lawyer. As I have read some material re LLCs, I suppose the lawyer would compose an operating agreement. My partner and I don't have an operating agreement. I was referring to my business as a partnership because I have a partner, but it's an LLC. We're in 50/50. I want to break away from my partner as our work ethic, drive, priorities, etc. are vastly different. I don't care to get any money out of the business as we haven't accumulated a lot of profit to date. All I want is to not be associated with my partner any longer. What would be the easiest way to achieve the separation? If I don't do it myself, what, roughly, would be the cost to hire someone like you?

Asked on 1/13/08, 12:02 am

1 Answer from Attorneys

Samuel Hasler Samuel Hasler

Re: Want out of an LLC

The statutes make a difference between LLC's created before and after June 30, 1999:

IC 23-18-6-6.1

Withdrawal of member; companies formed after June 30, 1999

Sec. 6.1. (a) A limited liability company formed under this article after June 30, 1999, is governed by this section.

(b) Unless otherwise provided in a written operating agreement, a member may not withdraw from a limited liability company before the dissolution and winding up of the limited liability company. A member may withdraw from a limited liability company only at the time or upon the occurrence of events specified in the operating agreement and in accordance with the operating agreement.


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Answered on 1/14/08, 7:51 am

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