question about parter leaving LLC

[volx]

Partner in my Delaware based LLC decided to leave. We were 50/50
partners. We verbally agreed that he gets a check for half of the money
in company's bank account and that I keep the company. So I cut him the
check from company's account. I am now running the company myself and
would like to somehow formally register this event. I want to avoid any
possibility him claiming any ownership or rights in the company, its
assets, profits etc.
What needs to be done legally? How to register transaction in the books.

[Mark T.B. Carroll]

Post by volx
Partner in my Delaware based LLC decided to leave. We were 50/50
partners. We verbally agreed that he gets a check for half of the money
in company's bank account and that I keep the company. So I cut him the

Gosh, that really needs to be in writing.

Post by volx
check from company's account. I am now running the company myself and
would like to somehow formally register this event. I want to avoid any
possibility him claiming any ownership or rights in the company, its
assets, profits etc.

Was there an Operating Agreement in force? If so, what did that say
about members leaving? Was there some sort of Articles of Organization
filed when the LLC was set up - does anything on that have a bearing on
it?

Post by volx
What needs to be done legally? How to register transaction in the books.

I assume it's some sort of liquidation of membership interest that will
affect members' capital accounts. Your accountant will know what to do.

Let's hope that your partner leaving didn't automatically end the LLC
too! I have no idea what Delaware's "defaults" are in state LLC law,
for matters that the Operating Agreement doesn't cover.

-- Mark