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Home Q&A Forum What happens to LLC when member dies?
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Limited Liability Company

LLC Operating Agreement

Florida

Asked on Aug 8, 2021

What happens to LLC when member dies?

I want to create an operating agreement that explains what happens with the business in case one of the members died. We have an LLC. We want to create an operating agreement that states how the business will keep working in case one of our members dies.

2 Attorney answers

Answer

Limited Liability Company

Florida

Answered 1148 days ago

Forest H.

ContractsCounsel verified

Business Lawyer
Licensed in Florida, Tennessee, Texas
Free Consultation

There are provisions to add to an operating agreement to address the death or incapacity of a member. Feel free to contact me if you would like to discuss how to move forward.

Use of the ContractsCounsel Q&A Forum does not create an attorney-client relationship between User and any Lawyer User. The Forum is not a substitute for legal advice from a lawyer but is intended to be educational and to help the user determine if legal services are necessary. The Forum, Content, and communications on the Forum do not constitute legal advice.

Answer

Corporate

Florida

Answered 1147 days ago

Rishma E.

ContractsCounsel verified

Business Lawyer
Licensed in Florida
Free Consultation

Membership interests in an LLC are considered the personal property of the interests holders. As such, you will need to include clauses in which you specifically name beneficiaries for those membership interests upon death of the interests holders. You may additionally need to include procedures for transfer (for example through membership certificates).

Use of the ContractsCounsel Q&A Forum does not create an attorney-client relationship between User and any Lawyer User. The Forum is not a substitute for legal advice from a lawyer but is intended to be educational and to help the user determine if legal services are necessary. The Forum, Content, and communications on the Forum do not constitute legal advice.
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