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Remove Partner (with consent) from LLC - can i simply write letter and notarize

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Beanguin
Level 1

My ex-wife wants to be removed from out LLC. She had 1% ownership. My accountant suggested the easiest way is to simply write a letter transferring her 1% to someone else and having the letter notarized.  Will that work?

 

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22 Replies 22
All-Star

That's a legal issue, and we are not attorneys.   We are tax professionals.  And we generally don't work for free anyway.

Teach a man (or woman) to fish....
(If a post answers your question, click on "Accept as solution" for future searches)
All-Star

I would check with your attorney rather than your accountant for that one ------------ unless your barber has a few minutes available for consultation.

Wile E's Tax Prep, Emergency Brain Surgery, and Used Tire Shop - Nobody does it cheaper! Call 8675309 for an appointment today - or tomorrow, we aren't that busy.
All-Star
Ask your attorney, or if that fails try a bartender or anonymous internet people.
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All-Star

@Beanguin 

You seem to be Lost on the Interwebs. This is forum for how to use the Tax Preparation programs that your own CPA or other Tax Professional uses. Not for TurboTax, not for legal advice, not for accounting guidance.

 

Perhaps you want to ask the TurboTax forum, which has got some sort of business social networking component:

https://ttlc.intuit.com/community/discussions/discussion/03/302

 

Be careful when you ask something in this pool of sharks.  

 

https://www.upcounsel.com/how-to-remove-member-from-llc

All-Star

@Turning Tables wrote:

Be careful when you ask something in this pool of sharks.  

 

https://www.upcounsel.com/how-to-remove-member-from-llc


Welcome to our ocean! The sea may be a bit shallow for so many sharks, but we like it that way. 🦈🦈🦈🦈🦈

 

**Say "Thanks" by clicking the thumb icon in a post **Mark the post that answers your question by clicking on "Accept as solution"

We? the old grouches you mean.  LOL

All-Star

This is the internet, I could be an attorney if I really wanted to be. Heck I could be president if I wanted to be.  On second thought, no I couldn't since I don't have a Twitter account. Smiley Sad

Wile E's Tax Prep, Emergency Brain Surgery, and Used Tire Shop - Nobody does it cheaper! Call 8675309 for an appointment today - or tomorrow, we aren't that busy.
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All-Star

As I said, we aren't attorneys (aka sharks).  Woman Wink

I'm glad you were able to get FREE advice elsewhere, but remember that age-old caveat about getting what you pay for.  

Teach a man (or woman) to fish....
(If a post answers your question, click on "Accept as solution" for future searches)
All-Star

@Turning Tables wrote:

Be careful when you ask something in this pool of sharks.  

https://www.upcounsel.com/how-to-remove-member-from-llc



@Turning Tables wrote:

We? the old grouches you mean.  LOL


@Turning Tables Please refrain from calling names and be respectful to other participants, who happen not to be either old grouches or sharks but established professionals and long-time members of this forum who volunteer their time and have helped countless tax professionals over the years.

What they have stated are true:

  • this forum is only for tax professionals (not consumer) questions;
  • what the OP has is fundamentally a legal question that should be answered by a competent legal professional (although there are tax implications that need to be addressed separately); and
  • everyone should be cautious about advice they receive from strangers and over the internet (unlike the general public, tax professionals are well aware of and equipped to manage the relevant due diligence requirements).

Non-tax professionals may not be happy with not getting the answer they hope for here but there are rules for participation and for good reasons.  Tax accountants are a boring bunch - we ask tons of questions before we would give clients any advice, often with caveats, because taxes are complicated and convuluted.

Maybe you would trust and be happy with a tax accountant who responds to a minimum information question with an answer that has just as few words.  But I would be cautious and even skeptical, knowing how taxes work.

---------------------------------------------------------------------------------
“You don’t need to see his identification…These aren’t the droids you’re looking for.”
All-Star

"...but there are rules for participation"

That's news to me  Smiley LOL

Teach a man (or woman) to fish....
(If a post answers your question, click on "Accept as solution" for future searches)
All-Star

To be labeled an old grouch isn't that terrible since I've been called worser names here  Although I believe the more politically correct terminology here would probably be "seasoned grouch". 

Wile E's Tax Prep, Emergency Brain Surgery, and Used Tire Shop - Nobody does it cheaper! Call 8675309 for an appointment today - or tomorrow, we aren't that busy.
All-Star

@abctax55 wrote:

"...but there are rules for participation"

That's news to me  Smiley LOL


But we do, don't we?

---------------------------------------------------------------------------------
“You don’t need to see his identification…These aren’t the droids you’re looking for.”
All-Star

1) how do you do the "quote" thingy?

2) Yes, *we* have rules aka standards.  For which, we often get **bleep**ed out about Woman Very Happy

Teach a man (or woman) to fish....
(If a post answers your question, click on "Accept as solution" for future searches)
All-Star

@abctax55 wrote:

1) how do you do the "quote" thingy?

2) Yes, *we* have rules aka standards.  For which, we often get **bleep**ed out about Woman Very Happy


When you hit reply, there is a "quote box" next to the fonts and smiley faces, etc.

Wile E's Tax Prep, Emergency Brain Surgery, and Used Tire Shop - Nobody does it cheaper! Call 8675309 for an appointment today - or tomorrow, we aren't that busy.
All-Star

@IRonMaN wrote:

@abctax55 wrote:

1) how do you do the "quote" thingy?

2) Yes, *we* have rules aka standards.  For which, we often get **bleep**ed out about Woman Very Happy


When you hit reply, there is a "quote box" next to the fonts and smiley faces, etc.


D'oh....  It's amazing what shows up when the eyes open up Smiley Embarassed 

Teach a man (or woman) to fish....
(If a post answers your question, click on "Accept as solution" for future searches)
All-Star

Good morning Smiley Happy

Wile E's Tax Prep, Emergency Brain Surgery, and Used Tire Shop - Nobody does it cheaper! Call 8675309 for an appointment today - or tomorrow, we aren't that busy.
All-Star

Thanks... can you bring me some coffee too, black please?

Teach a man (or woman) to fish....
(If a post answers your question, click on "Accept as solution" for future searches)
All-Star

@IRonMaN wrote:

When you hit reply, there is a "quote box" next to the fonts and smiley faces, etc.


And you can also edit out what you don't need from the quote thingy or add to it.  In case you feel adventurous, you can even manipulate the html codes by clicking on the HTML tab above.

What I still don't get is how @George4Tacks gets his nice emojis to show up here because the ones available here are very limited.

---------------------------------------------------------------------------------
“You don’t need to see his identification…These aren’t the droids you’re looking for.”
All-Star

I agree... I really liked the old emojis; they were prettier & more choices.

Does anyone watch James Corden?  He does a bit with the audience where he shows a string of emojis that describe a recent event in the news.  The audience member has to tell the story by interpreting the emojis.  Most of the time it's hysterical.

Teach a man (or woman) to fish....
(If a post answers your question, click on "Accept as solution" for future searches)
All-Star

@itonewbie said "@Turning Tables Please refrain from calling names and be respectful to other participants, who happen not to be either old grouches or sharks but established professionals and long-time members of this forum who volunteer their time and have helped countless tax professionals over the years."

I think @Turning Tables could be at least partially correct and would fit right into this forum. Some us to get a bit grouchy. Some us do hover over the forums like a shark in wait for prime question. It is difficult to determine the background of the one asking the question. Often the question is incomplete or has great inconsistencies. I used to play a game WFF 'N PROOF where WFF = Well Formed Formulas. Logical statements sometimes are not posted here.

This particular question says "My accountant suggested ..." which seems to shout I AM NOT A TAX PROFESSIONAL and that leads many us to be grouchy. 

@Turning Tables I hope to see more activity by you. This forum needs sharp minds. 

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All-Star

"WFF 'N PROOF"

Me, too!

I knew I liked you 🙂

 

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