What steps do I need to take to sell my GA LLC?

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:

To sell your Georgia LLC, follow these steps:

1. **Member Approval**: Obtain approval from all other members of the LLC for the sale.

2. **Buy-Sell Agreement**: If there's a buy-sell agreement in place, ensure you comply with its terms.

3. **Check Status**: Verify that your LLC is in 'active/compliance' status on the Corporations Division website. If it shows 'active/noncompliance,' file your annual registration before proceeding.

4. **Certificate of Termination**: If you plan to terminate the LLC after the sale, prepare a 'Certificate of Termination.' You can file this document along with a $20 fee, payable to the 'Secretary of State.'

5. **Submission**: Mail the Certificate of Termination to: Corporations Division, 315 West Tower, #2 Martin Luther King, Jr. Drive, Atlanta, GA 30334.

6. **Effective Date**: The termination will be effective on the date the document is received by the Corporations Division. Processing time can vary from two to eight days.

Make sure to keep all records of the sale and any approvals for your files.

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.