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LLC soon to be just ME .. any tips on how to make smooth transition?

Discussion in 'Business Operations' started by NNL&LS, Aug 14, 2006.

  1. NNL&LS

    NNL&LS Banned
    from zone 5
    Messages: 88

    To make a long story short, I partnered up with a guy with little experience, but seemingly willing and able. Not so much. His performance is lackluster and our general relationship is down the tubes because of it.. Classic one partner needs to go situation. He is talking of leaving the area, and i will assume the company. This will not happen for a couple of months.. Wondering if anyone has been in this situation and if there are any helpful ways to smooth out the bumpy ride yet to come? Thanks

    Jackson-Northern Naturals LLC
  2. MudslinginFX4

    MudslinginFX4 LawnSite Bronze Member
    Messages: 1,170

    Get him drunk and make him sign everything over to you. No, all jokes aside, good luck, I'd hate to be in that situation with a friend.
  3. hickslawns

    hickslawns LawnSite Member
    Messages: 130

    You didn't give much info. Are you equal partners financially? Will you have to buy out his share? If he just wants to leave, then I would say let him. If both of your names are on the LLC, then you may want to start a new LLC with only your name, thus new FEIN and whatnot that goes along with it. Make sure his name is off any accounts you have. My best advice would be talk to your accountant and attorney to cover your butt. They will be able to tell you without doubts what you need. I am neither, and these are just suggestions. Good luck.
  4. NNL&LS

    NNL&LS Banned
    from zone 5
    Messages: 88

    Yes, we are equal partners financially..I will have to buy him out. I suppose talking to the attorney and accountant, etc. will be the top of the list.

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