I Does anyone have a template letter I can use to pull out of a partnership. There is a LLC that I started with a friend and now I want to go in a different direction, but I guess I need a letter saying a give up all right or something so I no longer a partner in the business.
I’m not sure how to do it. Any help would greatly appreciated.
You need to hire a lawyer to take care of that for you. Sending a letter to the partner probably only means he’ll quit sending you any profit, assuming it’s profitable. Removing your name - legally - from any LLC filings, deeds, partnership documents, etc - is a different story. You don’t want to be held personally liable in the future if he runs the business into the ground and builds up debt.
The entire process of pulling out from LLC partnership can be challenging especially in the case where there is no clear operating agreement between partners. The best thing you can do is get legal advice, you may hire an attorney for that. This way, you’ll have the assurance that you are on the right track in the process of pulling out from LLC partnership.