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US Legal Forms
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Tennessee
Nashville
Assignment of Member Interest in a Limited Liability Company LLC

Nashville Tennessee Assignment of Member Interest in a Limited Liability Company LLC

Category:

Small Business - Business Types and Forms - Limited Liability Companies - Member Interests

State:

Multi-State

City:

Nashville

Control #:

US-3744SB

Format:

Word;

Rich Text

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Description

This form is an assignment of member interest in a Limited Liability Company.

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Interesting Questions

What happens if I don’t get all members' agreement?

You might hit a wall. If you can't get the green light from all the members, the assignment might not fly, and it's back to the drawing board.

Is there a difference between 'assigning' and 'selling' my interest?

Definitely! Assigning is like lending a book – you’re giving someone else temporary access, while selling is more like getting rid of it for good.

Can I still get profits after I assign my member interest?

Once you assign your interest, it's like passing your dessert plate to someone else. You generally won't get profits unless you have a separate agreement with the new member.

How does the Assignment affect my rights in the LLC?

When you make the assignment, it's like handing over the keys. You'll lose your rights to make decisions about the LLC, but the new member takes over those responsibilities.