Assignment Interest Agreement With Bank

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

Description

The Assignment Interest Agreement with Bank is a legal document that facilitates the transfer of ownership interest in a limited liability company (LLC) from one member (Assignor) to another (Assignee). This agreement outlines the key features of assignment, including that the membership interest is assignable unless prohibited by the operating agreement. It clarifies that the assignment does not dissolve the company, and the Assignee does not gain rights as a member until specific conditions are met. Importantly, the document ensures that past liabilities of the Assignor remain unchanged even after the assignment. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form when a member wishes to transfer their membership interest, ensuring compliance with the operating agreement and maintaining clear documentation of ownership changes. Filling out this form requires inserting the names of the Assignor and Assignee, the name of the LLC, and the date of the agreement. This form is beneficial for legal professionals handling ownership changes in business structures, as it provides a structured method to execute and formalize ownership transitions.