An LLC membership agreement is a document used when a member of an LLC (a limited liability company) wishes to sell its shares or part of its shares to another party. Most of the time, LLC membership contracts are used when the LLC member decides to leave the LLC (or has been forcibly removed) and a possibility is required to dispose of the interest. This is different from an allocation of LLC interests because it is a more complex document. In the event of an LLC interest transfer, a party simply allocates its shares to another partisan assignment with no additional conditions. These two documents can be used in connection, but the LLC subscription purchase contract should be used in the event of a sale of interest, rather than simply distributing them. This document also has an optional supplement at the end if the full agreement of all other LLC members is required to validate the sale. If you have a limited liability company (LLC) in the United States, you may meet a long-term agreement to purchase and sell the remaining interest of the members. Complete the process by following the ownership transfer provisions under your state`s law. Give other members a written request to transfer your interest. When entering into an interest purchase agreement, you must ensure that the document indicates certain aspects. A few examples are: Questions are asked about the identity of the parties, the amount of interest the seller holds, the amount of interest the seller sells, the sale price and the details of how that price is paid. Then the details of the conclusion – the time when the buyer and seller meet to close the sale – are requested. LLC membership agreements are short, relatively simple documents that contain all the information necessary to sell interest to an LLC.
They include a place for the person who sells the interest – the seller – and for the person who receives the interest – the buyer – to execute the document.