I own 51 percent of an LLC. If I plan to split with my business partner what am I responsible to pay him?
Opinions expressed by Entrepreneur contributors are their own.Your operating agreement should have set out the way to value the interest of the departing business owner. Sometimes, those amounts can vary depending on the reason for the split: Did you catch your partner with his hand in the till? Or is there another reason (less ominous) for your split?
Best to speak to your accountant and a business attorney to determine what’s fair to split and how you may be able to pay it over time.