Tucson Arizona Sale and Assignment of a Majority Ownership Interest in a Limited Liability Company Pursuant to an Installment Sales Agreement and Retaining a Security Interest in the Membership Interest Being Sold and Assigned Until Paid

• Category: Limited Liability Company - Sale
• State: Multi-State
• City: Tucson
• Control #: US-01589BG
• Format: Word; Rich Text

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.