Michigan limited liability companies are unique, because they can give owners the luxury of owning their own business without the risk of lawsuits that can damage your personal finances. If you've run your business correctly and want to sell it, the difficulty of transferring your LLC located in Michigan largely depends on the size of your corporation and the number of members with controlling interest of the business.
Things You'll Need
- Operating agreement
- Bill of sale
- Tax form
Check your operating agreement or articles of organization, if you drafted one when the company started, to see the exact method for selling your ownership of the LLC. If not handled properly, other board members can block the sale.
Notify anyone who owns part of your Michigan LLC that you intend to sell your percentage of it.
Write a bill of sale--a receipt that is a verifiable way of showing the transaction has taken place. Notifying other members and having a receipt of the transaction will be enough to verify that the sale has been completed.
Include the sale on your next tax form. The government will make note of the change and will change its records accordingly.