Assignment Interest Agreement With Partnership

• Category: Limited Liability Company - Assignments
• State: Multi-State
• Control #: US-LLC-0908
• Format: Word; Rich Text

Description

The Assignment Interest Agreement with Partnership is a legal document designed to facilitate the transfer of a member's ownership interest in a limited liability company (LLC) from one individual (the Assignor) to another (the Assignee). The key features of this form include the acknowledgment of the value of the interest being assigned, stipulations regarding the assignability of membership interests, and conditions under which the Assignee may become a member of the LLC. It clarifies that the Assignee, upon assignment, will obtain the right to receive distributions and allocations of profits but does not automatically gain membership rights unless specified in the operating agreement or consented by other members. The form also details the ongoing liabilities of the Assignor to the LLC, ensuring that prior obligations remain intact even after the assignment. Filling out the form involves entering the names of the Assignor and Assignee, the LLC's name, and the date of the agreement. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in the restructuring or management of an LLC, providing clarity and legal compliance in the transfer of membership interests.