Partner Withdrawl from LLC
The situation is that I and
another partner started an LLC. When we filed for incorporation, both of our
social numbers are in the incorporation papers. We both own the
company. However, we never got around to write up and operating
agreement saying who should get how much of the profits. Right now, my
partner is not doing a good job and willingly he agreed to withdraw. I
went online and read that some states let members to withdraw and some
don't. And if they do, they have to write up a letter saying that they
want to withdraw and that takes effect like 30 days after the letter
is submitted. So I would like to know what I should do. Do I ask him
to write a letter? My company is incorporated in NewJersey and is
operating under NJ. Can you tell me what is my next step is and
what forms I need to fill out and where to file them? Thanks.