How to Change a Member on a LLC in WI
- 1). Read over the Business Operating Agreement with the potential new member, which outlines: 1) each member's ownership percentage; 2) each member's share of the profits or losses in the business; 3) each member's rights and responsibilities; 4) how a member can resign; and 5) the end result to the business if a member does resign.
- 2). Write up an amendment to the original agreement, showing any changes to the original agreement. This form should outline the new member's percentage of ownership and share in the business, and be signed by the potential new member showing full agreement with both the original agreement and the amendment.
- 3). Hold a vote with all original members of the LLC to vote the new member in; it must be unanimous in order for the new member to be added.
- 4). Allow a member to resign in accordance with the original operating agreement, which had to be presented to the state when the LLC was formed. This can also be written up as an amendment to the original agreement, and signed by all parties.
Source...