The Sale Of LLC Membership Interest Agreement is essential when a member wishes to exit an LLC by selling their ownership stake. This document, governed by English and Welsh law, provides a comprehensive framework for the transaction, including detailed provisions for valuation, transfer mechanics, and post-sale obligations. It's particularly important for ensuring compliance with corporate governance requirements, tax implications, and maintaining the LLC's operational continuity during ownership changes.
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1. Parties: Identification of seller and purchaser of LLC membership interest
2. Background/Recitals: Context of the transaction and current ownership structure
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core transaction terms including interest being sold and purchase price
5. Completion: Details of when and how the transfer will take place
6. Seller's Warranties: Representations about the LLC and the membership interest
7. Payment Terms: Structure and timing of payments
8. Governing Law and Jurisdiction: Specification of English and Welsh law governance
1. Non-Compete Provisions: Restrictions on seller's future activities - used when seller might compete with LLC
2. Tax Covenant: Allocation of tax liabilities - used for significant transactions with tax implications
3. Earn-out Provisions: Future payment mechanisms based on performance - used when part of purchase price is contingent on future performance
4. Employee Matters: Treatment of employment relationships - used when seller is also an employee
1. Details of the LLC: Company information, registration details, and structure
2. Warranties: Detailed list of seller's warranties
3. Completion Obligations: List of actions required at completion
4. Current Members: List of all current LLC members and their interests
5. Calculation of Purchase Price: Detailed methodology for price calculation if complex
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