My question is this, me and my wife are 50/50 partnership of our llc we do file a 1065 and k-1.
My wife has a full time job with another company and I run our business. Due to the economy if her company closes at the end of 2009 we want her to be able to collect unemployment.
So my understanding is that as long as she is a business owner she can not collect. How would I dissolve her interest and what steps are needed and time to dissolve.
– Mike, Nevada
Are you certain she cannot collect unemployment simply because she owns a membership interest in the LLC?
I understand that if she were claiming unemployment due to losing her job at your own business, she might not collect unemployment. But if she is a W-2 employee for a different company, merely owning shares/a membership interest shouldn’t disqualify her.
I mean, if you own 1 share of Microsoft, you are technically a “business owner”–that surely does not preclude you from collecting unemployment.
Be that as it may, assuming that she really must exit the LLC, here’s what you need to do:
- Amend the operating agreement to remove her as a member.
- Amend the articles of organization. (some states require filing of amended articles, some do not).
- Draft and sign a resolution authorizing her to sell/transfer her membership interest in the LLC to you.
See a licensed attorney to draft up those documents.
Legalzoom can prepare both the above types of documents (amendment of articles of organization and amendment to operating agreement).