September 15, 2016

Transferring Single Member LLC To Another Person

My LLC is a single member LLC- 100% ownership is mine. I would like to transfer complete ownership to someone else (relative). Can I just make a transfer document and do it or do I have to redraft the operating agreement?

What other requirements are there for transfer?

Answer

You’re going to need to do the following:

1. Assign your interest in the LLC to the buyer.

2. Amend the Operating Agreement to add the buyer as a member and remove the seller as a member.

3. Amend the Articles of Organization with the state (only some states require this, for example, Arizona does).

4. Draft a resolution of the members of the LLC approving the sale of the interest.

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