I own a barbershop and men store it is llc my ex partner wanted out of the business so we did what our llc noted she sent me a notrize lette...

Question

I own a barbershop and men store it is llc my ex partner wanted out of the business so we did what our llc noted she sent me a notrize letter releasing her 50% of the business to me and that is what is stated in our llc to release anyone that wants out of the business r should there be more legal work

Answer

It is impossible to determine if you achieved the desired outcome by a simply letter.

You should take the organizing documents and notarized letter to a lawyer for review. The consultation shouldn't cost more than $600.

For instance, what does that mean that she is "releasing her 50% of the business"?

In reality, that can mean many things.

If you don't already have an attorney for your business, I am available to review the relevant documents in my downtown office.

Paula J. McGill

191 Peachtree Street

Suite 3300

Atlanta, GA 30303

(770)367-1234

[email protected]/* */

Answer

You generally cannot change an LLC with a notarized letter. People can't release ownership by letter. The fact that you are doing things this way suggests that your business may have numerous errors in its formation and operation that require a lawyer (and possibly a CPA). It is ABSOLUTELY ALWAYS a horrible idea for any business not to have a go-to lawyer and CPA, and it will come back and bite you.

I'd be glad, if you do not have a lawyer, to set up a time to review your paperwork.

Answer

Yes, assuming that the operating agreement does in fact allow a member to withdraw from the company that way and that no other document is required.