Tennessee Assignment of Member Interest in Limited Liability Company - LLC
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FAQ
In the case of corporations, an ownership interest is represented by ownership of voting stock. In the case of partnerships or limited liability companies, an ownership interest is represented by total interest in capital and profits.
An assignment and assumption of membership interests used when a member of a limited liability company (LLC) wants to transfer its membership interest in the LLC to another entity. This Standard Document has integrated notes with important explanations and drafting and negotiating tips.
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. Members do not own the LLC's property.
Members invest money into the LLC and get a share of the company in return. Those with an ownership interest receive a share of the LLC's profits and losses.
When a taxpayer sells an LLC interest, the taxpayer will usually have a capital gain or loss on the sale of the interest. However, capital gain or loss treatment does not apply to the sale of every LLC interest.
An assignment agreement assigning a member's entire membership interest in a limited liability company to a third-party buyer. This agreement is delivered as an ancillary document in an M&A transaction involving the sale of a limited liability company by a single seller to a single buyer.
Assignment of interest in LLCs happens when a member communicates to other members his/her intention to transfer part or all of his ownership rights in the LLC to another entity. The assignment is usually done as a means for members to provide collateral for personal loans, settle debts, or leave the LLC.
After the terms of sale are negotiated, a written membership interest sales agreement can be created to record the transaction. This agreement should detail the new member's ownership percentage, the amount of the buy-in, and require that the new member agree to be bound by the existing Operating Agreement of the LLC.
A transfer of an LLC interest where compensation is being paid is treated as a sale or exchange. The selling member will usually have a taxable gain or loss on the sale.
Whenever a sale or exchange takes place, as in the transfer of an interest in an LLC that involves compensation, the selling member usually has a gain or loss on the sale which is taxable.