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An LLC Membership Interest Assignment is a document used when one member of an LLC, also known as a limited liability company, wishes to transfer their interest to another party entirely. LLC Membership Interest Assignments are often used where a member in an LLC is leaving or otherwise wants to relinquish the entirety of their interest in the company.
An LLC Membership Interest Assignment normally happens well after the LLC has already been operating. To form a limited liability company in most states, any party must begin with Articles of Organization (sometimes called Certificates of Formation or other varying names). These documents will get the LLC formed and in compliance with state laws.
A limited liability company can operate and be formed for any reason (except illegal ones). For example, even if it is a small business, like dog-walking, the owners might want to have an LLC to protect themselves. If so, and if any owner decided to one day relinquish their interest in the LLC, that owner could use this LLC Membership Interest Assignment to assign it to another person.
LLC Membership Interest Assignments are short, relatively easy documents which contain all the information needed to transfer an interest in an LLC.They contain a place for both the person transferring the interest (called the Assignor) and the person receiving the interest (called the Assignee) to execute the document.
How to use this document
This docuent can be used when any party would like to transfer the ownership of an interest in an LLC or when any party would like a membership interest in an LLC transferred to them, as long as the current owner of the membership interest agrees. It should be used it when both parties understand that the membership interest will be completely assigned and wish to create a record of their agreement, as well as a document that the LLC will likely keep on file.
This document will allow the form-filler to input details of the identities of both parties, as well as the details of the membership interest, such as percentage and whether or not it comes with voting rights. It also has an optional addendum at the end, in case full consent is needed from all the rest of the members of the LLC.
Please keep in mind that this form requires both signatures, from the party assigning the interest and the party receiving it.
LLC Membership Interest Assignments are subject to the laws of individual states. There is no one federal law covering these documents, because each individual state governs the businesses formed within that state.
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