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Massachusetts Checklist for Voluntary Withdrawal of Land from the Registration System
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Massachusetts
Control #:
MA-LND-003A
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PDF
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How to fill out Massachusetts Checklist For Voluntary Withdrawal Of Land From The Registration System?
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FAQ
A member may withdraw, resign, or retire at any time by simply giving the other members written notice. Section 17252 states:Note, however, that withdrawal, resignation, or retirement from the LLC does not terminate the withdrawing party's equity interest in the company.
The only way a member of an LLC may be removed is by submitting a written notice of withdrawal unless the articles of organization or the operating agreement for the LLC in question details a procedure for members to vote out others.
Determine whether the LLC's governing documents set out formal procedures. Implement the formal procedure. Have the former member submit a written notice of withdrawal. File a petition for judicial dissolution.
Generally, an operating agreement guides an LLC in the event a member withdraws. Without an operating agreement, state law determines whether the the remaining members split or purchase the departing member's share or the company automatically dissolves. The members may be required to notify the Secretary of State.
To legally dissolve an LLC, a certificate of dissolution should be filed with the state of formation. The state will generally not issue the certificate until the LLC can provide documentation that the company is current on all its state tax liabilities.
If you are a member of a limited liability company and wish to leave the membership voluntarily, you cannot simply walk away. There are procedures to follow that include methods of notification of the remaining membership, how assets are handled, and what the provisions of withdrawal are for each LLC.
Whatever the reason, California law makes it relatively simple to withdraw as a member of a limited liability company (LLC). California Corporations Code Section 17252 allows LLC members to withdraw, resign, or retire from the LLC despite any restrictions the LLC's operating agreement may place on member withdrawal,
Check the LLC's organizing documents. Determine the parting member's share of the LLC. Prepare a written notice. Request a vote. File the notice of withdrawal with the state.
