I am a limited liability investor in a restaurant (5%). I want to leave the business but my partner wont buy me out, nor will he sell the business. At this point I just want to disassociate myself with the business, I don't care about the loss. How do I do that?
1 Answer from Attorneys
We would want to look at the governing documents of the LLC (its charter and Operating Agreement) to evaluate your rights and ensure that there are no provisions that could impose trailing liability upon you as a dissociating member. This would be unusual, but I don't want to tell you that you can freely surrender your membership interest and then be surprised.