ForumsLegal and Insurance

I concur with the post above, and will add that if you used a "boilerplate" agreement or off-the-shelf template, it most likely spells out the following procedure: First, the three withdrawing members would have to agree on a purchase price for buying out the fourth member. Then, they would all have the first option to buy a one-third share of the withdrawing member's interest at that price. If the other two members refused that option (i.e., chose not to buy their portion of the withdrawing member's interest), then you could buy it all. If you don't set a selling price, however (or if you set a very low one), then the other members will naturally want to claim/buy their shares.

As already noted, the answer will be in your operating agreement -- or if not covered there, guided by your state's laws. Good luck.