Transfer Ownership to another person

Hi, I am EU national from Lithuania and we opened a company with a partner in US. Our initial agreement with that person, was, that he handles US operations and keeps part of the company. However, legally it is registered as LLC in Minnesota under his name. At this stage, turnovers are growing and we would like to transfer ownership (I think selling the company) to me and keep him as a Director in that company. This LLC is operating from 2019. We would like to know, is it possible to do it without physically traveling to US? What tax implications will be? Also will it be possible to buy this company at low cost? Company has a lot of inventory, but at the same time high debt with suppliers. At the moment, equity is about 2k and vendor debts - inventory/customer debts/cash approximately 280k. Thank you for your help!

Jaren J.

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The transfer of LLC member interests are done via written agreements signed by all parties. They are internal to the company and not recorded anywhere. You don't need to be in the US to accomplish the transfer. Depending on how the transfer is done, there shouldn't be any tax implications.