Alberty Publishing Online: Item Detail

Price: $40.00
Revised: October 1, 2008 - 13 pages

Description:
Form 5.2 is an assignment transferring a member's interest in an LLC to another. The form contemplates that the transfer is being made in connection with a sale and provides for payment of the purchase price in installments. In addition, the form contains warranties regarding the status and financial condition of the LLC as well as warranties of title and good right to convey. This form is appropriate for use in selling all or part of an LLC member's interest to another person who has not previously been associated with the LLC.

Features:

Representations and warranties - Assignment of member's interest contains warranties of title and good right to transfer and also contains representations regarding the status and financial condition of the LLC in which an interest is being transferred.
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.
Sale, terms - Assignment of member's interest provides for payment of purchase price in installments and for a security interest in the assigned interest.
Security interest - Assignment of member's interest provides that the seller retains a security interest in the member's interest in the LLC that is being sold.
Transfer of interest -Form of assignment provides for the transfer of an LLC member's interest to another.
Transfer of interest, consent - Assignment of member's interest provides for consent of other members to the transfer of the interest, to a pledge of the interest assigned as security for payment of the purchase price, and to transfer of interest if it foreclosed upon.

FORM 5.2 - Assignment of Member's Interest: Comprehensive Form