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    3 Replies Latest reply on Mar 18, 2014 9:28 AM by Moderator Melinda

    LLC Members (?)

    kulvishal1 Wayfarer

      Hello Folks:

      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.

       

      Please advice.

       

      Regards,

      V

        • Re: LLC Members (?)
          Guide

          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.

           

          Melinda

            • Re: LLC Members (?)
              kulvishal1 Wayfarer

              hey Melinda:

              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.

               

              - Vish

                • Re: LLC Members (?)
                  Guide

                  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.