I want to sell my LLC to another person

Q: How do I sell my business to someone?

To sell your business, first, obtain approval from any other members of the LLC. Then, prepare a buy-sell agreement if one exists. Ensure your LLC is in good standing, and if you plan to terminate it after the sale, file a Certificate of Termination with a $20 fee. Keep records of the sale and approvals for your files.

Q: How to transfer ownership of an LLC in GA?

To transfer ownership of an LLC in Georgia, obtain approval from all members. If there's a buy-sell agreement, follow its terms. After the sale, if you plan to terminate the LLC, file a Certificate of Termination with the Secretary of State, along with the required fee. Keep all records of the transfer.

Q: How do I transfer an LLC to another person?

Transferring an LLC to another person involves member approval and possibly a buy-sell agreement. After the sale, if you intend to dissolve the LLC, file a Certificate of Termination with the Georgia Secretary of State, which incurs a $20 fee. Ensure all documentation is properly maintained for your records.

Full question:

I have a GA LLC and want to sell all of the company to another person. What steps do I need to take?

Category: LLC
Date: 04/07/2025
State: National

Answer:

Typically, the approval of the other members must be received to transfer shares in an LLC. If there is a buy-sell agreement, the terms must be complied with.

A Certificate of Termination is filed to terminate an LLC. The termination fee is $20, payable to “Secretary of State.”

Before filing, check the Corporations Division web site to make sure the LLC is in “active/compliance” status. If the posted status is “active/noncompliance,” go to the “file annual registration” link and file the registration before submitting the termination document. An entity must be current to terminate. Registration submitted online before 4 p.m. will update the entity overnight.

Prepare a “Certificate of Termination” in the format below and mail it, along with the filing fee, to: Corporations Division, 315 West Tower, #2 Martin Luther King, Jr. Drive, Atlanta, GA 30334.

The effective date of the termination will be the date the document is received by the Corporations Division. The processing time varies from two to eight days depending on workload; a certificate of termination will be mailed upon completion.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

How much does it cost to transfer an LLC?

The cost to transfer an LLC can vary. In Georgia, if you need to file a Certificate of Termination after selling the LLC, there is a $20 fee payable to the Secretary of State. Additional costs may arise from legal fees or other administrative expenses related to the sale and transfer process.

How do I sell my business to someone?

How do I give a business to someone else?

To give a business to someone else, you typically need to transfer ownership through a formal agreement. This may involve drafting a gift agreement, ensuring all members approve the transfer, and filing necessary documents with the state, such as a Certificate of Termination if applicable. Consult with a legal professional for guidance.