If I Retire from Our Family LLC, How Do I Transfer My Ownership to My Child?

Membership units in a Limited Liability Company (LLC) can, like stock in a corporation, be transferred from the LLC owners to others, including other current owners of the LLC.

A Sale Agreement or Assignment Agreement can be created to document the transfer of membership units (or stock), the parties to the transfer, the price for the units or stock (if any), etc.

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If My LLC Has Changed its Business Focus Since the Original Filing, Must I File Again?

When filing for Limited Liability Company status with a USA state, the Articles of Organization that are filed with the Secretary of State may ask the filer to state a specific purpose for the business — e.g. ” medical supply and device supplier.”

But over time, the focus of a business may change, sometimes completely. Does such a change in business focus affect the validity of the LLC or its filing with the state?

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Can a Minor Create a Managed LLC to Overcome Age Restrictions for Contract Executions?

Of course, Limited Liability Companies are state-based constructs, so state law would apply to any answer.

Also at issue is the ability of a minor to enter into contracts or take other actions to bind the LLC, as many contracts entered into with minors and third parties are void or voidable.  A person who is under the age of majority may have insufficient legal ability to sign the Articles of Organization, thereby requiring an adult ‘organizer’ to execute the Articles.

Let’s examine a specific state example.

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