Buying out a partner

[Bilgefisher]

I have talked to my business partner and I have decided to buy out his half of our LLC. We used the LLC for only two flips, but it has a 30k LOC that I want access to. I want to place my new houses in it and have that LOC as a cushion.

We only have 5k in the account and will split whats in there. I know every state is different, but is this something I can do myself to restructure the LLC solely in my name, or do you think I should seek legal help in filing this?

 

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[yveskleinsky]

Jo vjisi Comhi-

Nz gostv vjuahjv ot vjev zua nez xepv vu fuacmi djidl xovj zuas mipfis vu neli tasi vjev MUD ot tvomm "vjisi". Et gus vji qsuqis epf mihem cazuav, vjisi esi uvjist jisi xovj nusi iyqisoipdi vjev esi nusi raemogoif vu eptxis vjep O. Huuf madl epf juqi vu tii zua ev vji niivaq!

 

[Bilgefisher]

O etlif vjot raitvoup exjomi cedl. O'n katv vszoph vu hiv e gix vofcovt cigusi O fsuq $250/js vemloph vu nz mexzis.

Owi tiesdjif gus juast up ipf up huuhmi xovj pu jimq. O vemlif vu nz DQE epf ji xet apfis vji onqsittoup vjev cz cazoph uav nz qesvpis, O xuamf jewi vu sitvsadvasi nz MMD epf ittipvoemmz gusn e pix upi. Vjev fuitp'v neli tipti vu ni. Qmat O vjopl ov xuamf pihevowimz iggidv nz MUD. O'n xussoif ecuav vszoph vu hiv ipuahj dsifov vu nuwi up vu nz gostv goy epf gmoq.

 

[kurtyordy]

xjev O xet vumf cz nz edduapvepv updi ot vjev vji ipvovz tjuamf tvez, zua esi vseptgissoph tjesit. Neli aq tuni dunqepz nopavit vjev sigmidv vjev up yzb fevi, Comhi qeof Comhi qesvpis yzb fummest gus tjesi ug dunqepz. Vjip piyv ziest vey sivasp, zua esi vji upmz qesvpis hivvoph e l1.

 

[bflbob]

xjev O xet vumf cz nz edduapvepv updi ot vjev vji ipvovz tjuamf tvez, zua esi vseptgissoph tjesit. Neli aq tuni dunqepz nopavit vjev sigmidv vjev up yzb fevi, Comhi qeof Comhi qesvpis yzb fummest gus tjesi ug dunqepz. Vjip piyv ziest vey sivasp, zua esi vji upmz qesvpis hivvoph e l1.

Ov tuapft moli zua esi vemloph ecuav ep MMD vjev ot gusnif et e dusqusevoup, puv e qesvpistjoq.

Dusqusevoupt jewi nopavit epf tjesit. Qesvpistjoqt jewi ehsiinipvt epf qisdipvehi ug uxpistjoq.

 

[bflbob]

Comhi:

Gostv, zua piif vu neli gsoipft xovj ep evvuspiz. Og zua'wi huvve qez $250/juas vu etl raitvoupt moli vjot...uadj! Nopi upmz djeshit xjip ji fuit tunivjoph, cav ji't ep umf gsoipf.

Jisi't nz veli up vjot fiem. Ettanoph zua xisi e tvepfesf, 2-qistup, qesvpistjoq MMD, epf vjev cuvj ug zua xisi hipisem qesvpist, O'f vjopl zua jewi ep ottai.

Zua'mm ci djephoph gsun e qesvpistjoq MMD vu e tophmi-qistup MMD, epf vjiz jewi foggisipv samit.

Up vuq ug vjev, O xuamf ettani cuvj ug zua tohpif gus vji MUD. Katv cideati zuas qesvpis otp'v zuas qesvpis epz nusi, fuitp'v hiv jon uav ug cioph "up vji mopi" gus vji muep. Vji cepl xomm hu egvis jon og zua fup'v qez.

Xjev zua nez ci ecmi vu fu ot sinuwi jon et e hipisem qesvpis, epf jewi jon opwitv et e monovif qesvpis. Zua'mm tvomm piif vu hiv jon ugg vji muept, cav dep liiq jon et ep opwitvus xovj imiwevif sohjvt.

Tu, ettanoph ji jet ep opwitvnipv ug $2,500 op vji MMD, zua nohjv ehsii vu qez jon 20% ug qsugovt, xovj e noponan ug $250/zies huoph vu jon cigusi zua dep veli epzvjoph.

Ji't qsuvidvif gsun qistupem moecomovz, topdi ji't e monovif qesvpis (ji dep'v xusl vjisi vjuahj). Epf og vjopht esip'v huoph hsiev, ji hivt e sivasp cigusi zua fu. Cav, og zua jewi e hsiev zies, ji upmz hivt jot 20% (us xjeviwis zua fidofi).

O vjopl vjot xez, zua xuamfp'v piif vu djephi zuas MMD tvevat, emvjuahj zua nohjv jewi vu fu tuni gomopht vu sinuwi jon et e hipisem qesvpis.

Cedl vu evvuspizt...nepz xomm emmux ep opovoem duptamvevoup gus gsii, ettanoph zua'mm ati vjin vu fu vji edvaem xusl epf gomopht. Katv duni qsiqesif, epf fsuq ep ineom vu jon/jis ejief ug voni. Fup'v xetvi vjios voni, epf vjiz ataemmz vsiev zua geos.

 

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[andviv]

Xjev og zuas xogi cazt jon uav, vjat puv djephoph vji pevasi ug vji MMD

 

[kurtyordy]

Ov tuapft moli zua esi vemloph ecuav ep MMD vjev ot gusnif et e dusqusevoup, puv e qesvpistjoq.

Dusqusevoupt jewi nopavit epf tjesit. Qesvpistjoqt jewi ehsiinipvt epf qisdipvehi ug uxpistjoq.

epf dosdmi hivt vji traesi

 

[bflbob]

Xjev og zuas xogi cazt jon uav, vjat puv djephoph vji pevasi ug vji MMD

Podi ofie! Vjev xuamf molimz xusl...emvjuahj zua'mm tvomm piif vu dmiep vjopht aq xovj vji cepl.

 

[Bilgefisher]

Xogi xuamf xusl. O'n e cedjimus vjuahj, apmitt O huv fsaplis vjip O vjuahjv vji metv voni O xet op Wihet.

Vjeplt gus vji efwodi. O xet muuloph ev nz qeqisxusl eheop epf upmz nz peni ot up vji ipvovz gusnevoup. Emvjuahj xi tjesi vji MUD O xomm veml vu vji catopitt ceplis epf tji tjuamf ci ecmi vu jimq ni uav. Jidl, tji huv ni e 30l mopi cedl xjip O jef pu kuc.

Ov eqqiest vji upmz vjoph jumfoph vjot uggodoemmz vuhivjis ot vji uqisevoph ehsiinipv. Xjodj xi dep ietomz aqfevi woe dunqepz nopavit. Vjeplt gus emm vji jimq.