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Maine Sale and Assignment of a Percentage Ownership Interest in a Limited Liability Company

Category:
Limited Liability Company - Business Sales
State:
Multi-State
Control #:
US-01377BG
Format:
Word; 
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Description

A limited liability company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. Management of an LLC is vested in its members. An operating agreement is executed by the members and operates much the same way a partnership agreement operates. Profits and losses are shared according to the terms of the operating agreement.


A membership interest may be used to refer to the ownership interest of a member in the LLC. The word unit is often used to reflect the membership interests of a member in the LLC. Some LLC's issue membership interest certificates. To become a new member of the LLC the consent of majority of the members is necessary. A transfer of units of an existing member does not automatically include membership into the LLC.

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FAQ

Disadvantages of creating an LLC Cost: An LLC usually costs more to form and maintain than a sole proprietorship or general partnership. States charge an initial formation fee. ... Transferable ownership. Ownership in an LLC is often harder to transfer than with a corporation.

An interest in an LLC is personal property, but the nature of the property interest is a function of the contract among the members of the LLC, and, if the contract does not address a specific issue, the applicable statutory default rules.

Ingly, the initial basis of a membership interest in an LLC is the amount of cash contributed plus the member's adjusted basis in any other property contributed by the member in exchange for the membership interest (see Explanation: §722).

LLC ownership percentage is usually determined by how much equity each owner has contributed. The ownership interest given to each owner can depend on the need of the limited liability company and the rules of the state where the LLC has been formed.

If you are married, you and your spouse are considered one owner and can elect to be treated as an SMLLC. We require an SMLLC to file Form 568 , even though they are considered a disregarded entity for tax purposes. They are subject to the annual tax, LLC fee and credit limitations.

Divide ownership of the LLC by calculating total cash investment by the members. Give each member an ownership stake equal to his cash investment. Four members contributing $25,000 apiece would each receive a 25 percent stake in the company.

The term member refers to the individual(s) or entity(ies) holding a membership interest in a limited liability company. The members are the owners of an LLC, like shareholders are the owners of a corporation.

How do you find out your LLC Ownership Percentage? Check the Operating Agreement. ... Is there any other Agreement about LLC Ownership Percentage? ... Be aware, sometimes other understandings or agreements can trump the Operating Agreement. ... If there is no Operating Agreement or other understanding, check the LLC Law.

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