How to change company ownership for a single-member LLC?

Nina L. Kaufman, Esq.

Nina L. Kaufman, Esq.

An award-winning small business attorney in New York City, Nina is a sought-after professional speaker and Entrepreneur Magazine online contributor. She is the go-to counsel for knowledge economy and creative companies, delivering legal services and educational resources that save them time, money, and aggravation.

Posted on April 25, 2014 in Form a Company

Q.:  What document do I need to change who the sole member of an LLC is?

A.:  The sole owner of an LLC owns 100% of the membership interests of that LLC.  What you require is called an assignment, which is a document that transfers the membership interests (company ownership) to you and states the “consideration” (what you paid in cash or kind) for the company ownership interests.

You should also check the laws of your state to determine if it requires notice of this change of company ownership to be filed with the state.  Consult an attorney familiar with these transactions to prepare the proper documentation.

 

What other law questions do you have about company ownership and board meetings?

 

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