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Remove Currency from the Operating Agreement

Remove Currency from the Operating Agreement

Aug 6th, 2022

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How to Remove Currency from the Operating Agreement

4.8 out of 5

5 votes

Lee Phillips discusses the process of removing a person from a corporation or LLC when business partners decide to part ways. He emphasizes that if one member wants to exit, it's important to legally document their departure. The terms for buying out a member should be checked in the operating agreement or bylaws, which may contain specific procedures for this process. This could involve buying the departing member's stock or membership interests, whether it's done by the remaining member or the company itself. He refrains from discussing the financial aspects, leaving that for the individuals involved to negotiate.

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