How to change company ownership for a single-member LLC?By Nina Kaufman, Esq.
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?
Want to learn more about Kaufman Business Law? This is the video to watch.