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Typically that take the form of a notice to the LLC and the other member that the membership interest is being abandoned.The easy thing about abandonment is that it does not require the consent of the remaining member.Courts have ruled that even a de minimus amount determined in any way to be compensation for the partnership interest will cast the transaction as a sale.
A member is often a company founder and takes a personal interest in company growth and direction.
There are circumstances in which the member may choose, for the benefit of the company, to assign part or all of his interest in the company.
The member giving up his LLC interest basically just walks away.
Of course, abandoning the LLC interest does not relieve the departing member of any liabilities he may have personally incurred to third parties before his abandonment.
Additionally, state law may impose additional conditions, such as unanimous approval of the members.