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Old 04-19-2014, 09:25 AM
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llc interest

Can a departing member gift the interest back to the llc?

thanks



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Old 04-19-2014, 11:53 AM
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Originally Posted by urrterrible View Post
Can a departing member gift the interest back to the llc?

thanks
LLC is a legal entity and may accept the gift, however LLC members would be actual owners of the gifted interest ;so even the gifted int. will be titled to the LLC -;the gift would be considered as made toremaining LLC members.in the case of pty, properties may be deeded to the LLC and the title will be issued on the LLC name.HOWEVER, ASLONGA THE FMV OF THE GIFT EXCEEDS $14K, YU NEED TO FILE FORM 709 WITH THE IRS. If you want to split gifts with your spouse then $28k.

OR you may transfer ,either by selling or freely assigning, your LLC membership interest to another person unless the operating agreement specifically prohibits you from doing so. Even if you, the outgoing member’s name, appears on filings with the state, you probably do not have to notify the state of any ownership changes. However, it is generally a good idea to update any filings so that sensitive communications are not sent to the outgoing member. This is especially true if the outgoing member was the LLC’s registered agent.

Having a current LLC member buy out your share in the LLC is the easiest and most direct method, but you may also be able to assign your LLC membership interest to a third party.

you , as a member of the LLC, may transfer your membership to another individual, partnership, or corporation if the operating agreement includes transferability language. In this case, you may transfer all or a portion of his certificate shares as long as the verbiage appears in the operating agreement.

Note;Assignment of interest in an LLC is a topic usually covered in the LLC’s operating agreement. If there is a provision in the agreement about LLC interest assignment, you must follow whatever the listed requirements are. If your LLC does not have an operating agreement or if the operating agreement is silent on the issue, you must apply your state’s default rules. If the fact makes you uncomfortable, you may amend your operating agreement immediately to provide guidance for new scenario.



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Old 04-19-2014, 12:27 PM
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thx for the response.

The gift/transfer introduces another question. I would assume an outright transfer over 14K worth of interest without consideration from the transferee becomes a gift, correct?

Can an OA have a transfer on death clause to immediately move the interest and expedite any operational problems upon death?



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Old 04-19-2014, 07:53 PM
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Originally Posted by urrterrible View Post
thx for the response.

#1;The gift/transfer introduces another question. I would assume an outright transfer over 14K worth of interest without consideration from the transferee becomes a gift, correct?

#2;Can an OA have a transfer on death clause to immediately move the interest and expedite any operational problems upon death?
#1;correct;

#2; oa can take simple steps to ensure that certain types of property pass to heirs without going to probate court. One of the easiest methods is to designate a beneficiaries to inherit bank accounts, retirement accounts, securities, vehicles, and real estate automatically, without probate I guess you need some professional help from an attorney for mor e accurate info in detail



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