Monday, December 3, 2007

How does the LLC end?

The death, retirement, withdrawal, or bankruptcy of a member or manager may end the existence of the LLC, depending on the terms of the operating agreement. Apart from the death, retirement, bankruptcy or withdrawal of a member or manager, an LLC usually only ends upon the date of expiration (often set 25 - 30 years from the date of formation) or, if there is no expiration date, then upon mutual agreement of a majority of the members.

Answer provided by Chuck Roach - Roach Law Office

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