adhurireddy2005[at]yahoo.com wrote:

- quote -

You need to contact an Illinois attorney and ask your
question. This is a legal issue. If I understand you
correctly then you want to abandon your ownership and it may
be fairly straight forward. But it could be a mess
considering the facts and circumstances to completely remove
yourself (debt guarantees come to mind as one possible
problem).

---
Drew Edmundson, CPA
Cary, NC

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<madhurireddy2005[at]yahoo.com> wrote

- quote -

That's strictly a legal question, and if not addressed in
the LLC agreement, then you need to see a lawyer.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

<madhurireddy2005[at]yahoo.com> wrote:

- quote -

The same lawyer that advised you when you signed on can
advise you how to get out. If you didn't have a lawyer
advising you then, now you know why you should have.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I posted a similar question earlier - but then decied to
give it some more time.

I am member of an LLC business in Chicago, illinois. We are
5 Investors. I wanted to know what process do I need to
follow to come out of an LLC?

The relationship between me and other investors has gone
very very sour. I don't want any share out of it, but I
surely want to just get out of it - leave this bad
experience behind.

I just want to be out of it - before I get into any kind of
trouble from other investors.

Do I need to file something with the state or IRS or with
all of them?

Unfortunately I don't have any copy of the original LLC
agreement - but have latest tax filing docs.

Appreciate your help.

-Madhu

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >