What must be done for a 2 partner LLC when one partner leaves?

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I have an LLC in Nevada that is still in the start up phase (no income). The other partner has given up and relinquished his position. I want to keep it going. What changes must be made to keep it as an LLC for legal and tax purposes? Can I make it a partnership with my wife?

Attorney Answers

2
Greta Muirhead ·
That's sort of a lot of questions. One thing that you should do is notify the secretary of state and get his name off the Officer List. Another thing would be to make sure that your partner isn't on any bank accounts or credit cards, etc. . You need to make sure that you don't have liability. You and your wife could be members of the LLC. There may be other actions that you should take to protect yourself. This isn't an all inclusive list and should not be relied upon.
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Richard Williamson ·
Most of your rights, duties, and obligations should be set forth in the LLC's operating agreement. One of the hallmarks of an LLC is that its membership interests are not freely transferable. Generally, the operating agreement will control if and how members may withdraw. You should review your operating agreement and consult with an attorney. PLEASE BE ADVISED: This Answer and any information contained herein is not intended to be treated, and should not be construed, as legal advice. Rather, this Answer is offered solely for general information purposes. This Answer does not create an attorney-client relationship, nor does it create any kind of legal relationship, duty, or privilege. This attorney is licensed only in Nevada and California.
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