A distributional interest in a limited liability company is personal property and may be transferred in whole or in part. The following form is a agreement whereby the sole member of the LLC transfers his 100% interest as such member to another party.
Title: South Dakota Agreement for Sale of all Rights, Title, and Interest in Limited Liability Company LLC Description: The South Dakota Agreement for Sale of all Rights, Title, and Interest in Limited Liability Company (LLC) is a legal document commonly used in South Dakota when a company or an individual intends to sell their ownership rights, title, and interest in an LLC. This agreement serves as a formal contract between the seller and the purchaser, outlining the terms and conditions of the sale. There are several types of South Dakota Agreements for Sale of all Rights, Title, and Interest in Limited Liability Company LLC which are named based on their specific focus: 1. "South Dakota Agreement for Sale of all Rights, Title, and Interest in Limited Liability Company LLC — Asset Purchase": This type of agreement outlines the sale of assets, including property, equipment, licenses, patents, trademarks, and intellectual property, in addition to the LLC ownership interests. 2. "South Dakota Agreement for Sale of all Rights, Title, and Interest in Limited Liability Company LLC — Membership Interest Purchase": This particular agreement focuses solely on the sale of membership interests, allowing the purchaser to acquire ownership rights and responsibilities in the LLC while assuming the seller's place as a member. 3. "South Dakota Agreement for Sale of all Rights, Title, and Interest in Limited Liability Company LLC — Majority Interest Sale": This agreement relates to the sale of a majority interest in an LLC, wherein the seller transfers more than 50% of their ownership rights, title, and interest to the buyer. It may involve additional provisions, such as management control and decision-making authority. 4. "South Dakota Agreement for Sale of all Rights, Title, and Interest in Limited Liability Company LLC — Minority Interest Sale": This type of agreement pertains to the sale of a minority interest in an LLC, wherein the seller transfers a portion of their ownership rights, title, and interest that is less than 50% to the purchaser. It may include provisions regarding minority rights and protective measures for minority shareholders. Regardless of the specific type, a South Dakota Agreement for Sale of all Rights, Title, and Interest in Limited Liability Company LLC typically includes information such as the names and addresses of the buyer and seller, the purchase price and payment terms, description of the LLC, representations and warranties, conditions precedent, indemnification clauses, and dispute resolution mechanisms. It is essential to consult with a qualified attorney or legal professional to ensure that the agreement complies with South Dakota statutes and contains all necessary provisions to protect the interests of both parties involved in the sale.
