Questions & Answers
How to change the local partner upon the request of a set up LLC buyer
Hi,
I have a one-year-old LLC license which is established through a business set up company.
Now, due to some financial issues, I am selling my company. I have a ready buyer for this but he didn't want to keep the existing sponsor.
On the other hand, the existing business set up company does not agree to transfer the sponsor and willing to keep the sponsor who belongs to them only.
Please advise what I can do legally in this case.
Thanks
AS
Dear Sir,
When you take a package deal i.e. through a business set up company with the appointment of their sponsor (as the 51% partner) they get a percentage of the sponsorship fees.
But when you try to sell and liquidate. that is when the problem starts. Keeping in mind that he is not just a sponsor but 51% partner officially, he cannot be replaced at your call.
Then you have to file a case before the court and it will be a very long process.
Approach the Department of Economic Development (DED) at business village 4th floor to mediate the matter.
With best regards
