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

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Level 1
last updated ‎April 01, 2020 10:12 PM

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
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Level 15
last updated ‎April 01, 2020 10:12 PM

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

Former Chump... umm.... AllStar.
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Level 15
last updated ‎April 01, 2020 10:12 PM

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

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15
last updated ‎April 01, 2020 10:12 PM
Ask your attorney, or if that fails try a bartender or anonymous internet people.

ex-AllStar
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Level 12
last updated ‎April 01, 2020 10:12 PM

@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

 

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"Level Up" is a gaming function, not a real life function.
Highlighted
last updated ‎April 01, 2020 10:12 PM

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

 

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

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Level 15
last updated ‎April 01, 2020 10:12 PM

@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. 🦈🦈🦈🦈🦈

 


ex-AllStar
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last updated ‎April 01, 2020 10:12 PM

We? the old grouches you mean.  LOL

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Level 15
last updated ‎April 01, 2020 10:12 PM

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

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15
last updated ‎April 01, 2020 10:12 PM

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.  

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
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Level 15
last updated ‎April 01, 2020 10:12 PM

@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.

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Still an AllStar
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Level 15
last updated ‎April 01, 2020 10:12 PM

"...but there are rules for participation"

That's news to me  Smiley LOL

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
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Level 15
last updated ‎April 01, 2020 10:12 PM

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". 

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15
last updated ‎April 01, 2020 10:12 PM

@abctax55 wrote:

"...but there are rules for participation"

That's news to me  Smiley LOL


But we do, don't we?

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Still an AllStar
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Level 15
last updated ‎April 01, 2020 10:12 PM

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

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
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Level 15
last updated ‎April 01, 2020 10:12 PM

@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.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15
last updated ‎April 01, 2020 10:12 PM

@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 

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
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Level 15
last updated ‎April 01, 2020 10:12 PM

Good morning Smiley Happy

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15
last updated ‎April 01, 2020 10:12 PM

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

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
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Level 15
last updated ‎April 01, 2020 10:12 PM

@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.

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Still an AllStar
Highlighted
Level 15
last updated ‎April 01, 2020 10:12 PM

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.

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
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Level 15
last updated ‎April 01, 2020 10:12 PM

@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. 


ex-AllStar
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Level 12
last updated ‎April 01, 2020 10:12 PM

"WFF 'N PROOF"

Me, too!

I knew I liked you 🙂

 

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"Level Up" is a gaming function, not a real life function.
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