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FORM 5.1 - Assignment of Member's Interest: Basic Form |
Price: $30.00
Revised: October 1, 2008 - 9 pages
Description:
Form 5.1 is a basic form of assignment transferring a member's interest in an LLC to another. The form is intended to be short and contains only basic warranties and representations. It is appropriate for use in a cash sale transferring all or part of a member's interest to another person who is familiar with the operation of the LLC, such as another or an employee of the LLC. This form is also appropriate for gifting interests in family LLCs to other family members.
Features:
- Put option - optional provision allows the transferee of the interest to sell it back to the transferor within a specified period of time, thus insuring that the transferred LLC member's interest will be a present interest qualifying for the gift tax annual exclusion.
- Representations and warranties - Assignment of member's interest contains warranties of title and good right to transfer.
- Representations and warranties, securities law - Assignment of member's interest contains representations regarding the investment intent of the transferee and a covenant of the transferee not to transfer the interest further without securities law compliance.
- Transfer of interest - Form of assignement provides for transfer of an LLC member's interest to another.
- Transfer of interest, consent - Assignment of member's interest provides for consent of the other members to the transfer.
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| WORD FORMAT |
Form ID: 5001-DOC
Title: Assignment of Member's Interest: Basic Form
Price: $30.00 |
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| RTF FORMAT |
Form ID: 5001-RTF
Title: Assignment of Member's Interest: Basic Form
Price: $30.00 |
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