North Dakota Agreement to Redeem Interest of a Single Member in an LLC

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Multi-State
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US-00761BG
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Word; 
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The following form is a sample of an agreement to redeem the interest of a single member in an LLC.
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FAQ

A redemption agreement is a legal contract between a corporation and its shareholders that specifies how the corporation can redeem or repurchase the shares of a shareholder who wants to exit the business or who passes away.

What is a Membership Interest Redemption Agreement? A membership interest redemption agreement, or MERA, is a legal document that allows a business to purchase the ownership interest of another company.

A membership interest represents an investor's ownership stake in an LLC. Each investor in an LLC is called a ?member.? A person who holds a membership interest has a profit and voting interest in the LLC (although these may be amended by contract).

Transfer of ownership of partnership interests by a departing partner is often accomplished via redemption of the partner's interest by the partnership, rather than a sale of the interest to a third party.

A REDEMPTION AGREEMENT ALLOWS A DEPARTING SHAREHOLDER, PARTNER OR LLC MEMBER TO SELL OUT THEIR INTEREST IN THE BUSINESS TO THE COMPANY INSTEAD OF THEIR CO-OWNER.

An assignment of membership interest is a legal document that allows members of a Limited Liability Company (or LLC) to reassign their interest in the company to a different party. LLC laws are different from state to state, so what's required in an assignment of membership agreement changes.

First, the other partners ? or a new partner ? can purchase the target partner's interest. This we call a ?sale? or ?cross purchase.? Alternatively, the partnership can purchase the interest of the partner directly, without involving the other partners. This we call a ?redemption.?

The North Dakota Uniform Limited Liability Act provides ground rules for LLC operating agreements, but it does not specifically state that North Dakota LLCs must have an operating agreement. However, you will need an operating agreement to maintain your LLC.

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North Dakota Agreement to Redeem Interest of a Single Member in an LLC