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

 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
The Forms Professionals Trust! ™
State:
Multi-State
Control #:
US-01589BG
Instant Download
$24.95
$21.21
Mail Paper Copy
$29.95
$25.46
Available formats: Word | Rich Text

Free Preview

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.

All forms provided by U.S. Legal Forms, Inc.™, (USLF), the nations leading legal forms publisher. When you need a legal form, don't accept anything less than the USlegal™ brand. "The Forms Professionals Trust ™


Gold Award 2006-2018

BEST Legal Forms Company

11 Year Winner in all Categories:
Forms, Features, Customer Service
and Ease of Use.



100% Satisfaction Guarantee

"I ordered some Real Estate forms online and as a result of my error, I placed the order twice. This morning I called Customer Service and Vern immediately credited back my Visa the extra amount. No problems, no lectures, no hassle."

U.S. Legal Forms, Inc. BBB Business Review