Hi Kulvishal1 and welcome to the forum. What a great question. Well, it would all depend on what you mean by a minor, what kind of a business you have, which state you are located in, and if the other member is a part of your immediate family. This is definitely a question I would ask your accountant. You don't want to make any mistakes considering how much the laws change everyday. A professional CPA should be able to guide you. The SBA is also a great source to check out.
In the meantime, I know that we have very knowledgeable members who can also give you other forms of guidance on this topic. Kulvishal1, keep us posted.
Sry, I should have provided those details..they seem so obvious now!
The current LLC has my wife and I. By minor I meant my son or daughter. I want to pull out.
The LLC covers real-estate investment and IT consultation Located in Texas
I shall chk out SBA and also talk to my CPA.
Thanks you for your directions.
Another thing to keep in mind, if you have a separate license for say the real-estate investment or the IT consulting, you might want to check that licensing board. I know we have specific rules that we must follow through the Architectural Licensing Board of NJ. That could also make a world of difference for what you can and can't do.
I have a question about the LLC ownership. Currently we are2 adult partners. One of them wishes to pull out. I do not wish to go through the 'complications' of a single-member LLC.
Is it possible to have a regular LLC with one adult and one minor member? I wish to retain all the status/benefits of a regular 2adult member LLC.