How does a partner exit a TECOM LLC partnership?

Question

Q: How does a partner exit a TECOM LLC partnership on mutually agreeable terms and what is financially due to the partner exiting the business? A: A sales contract shall be concluded in which the existing party gets a price for his share. The same contract must be attested by the notary public…

Ahmed Mohammed Bashir · Accepted Answer

Dear questioner,

If mutual consent is reached, then a sales contract shall be concluded in which the existing party gets a price for his share.

Once concluded, the same contract must be attested by the notary public and the department of economic development to get the existing partner’s name off the trading license.

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