I am a member of an LLC along with two others. We each own 33% of the company and have invested very little.
One of the three members has expressed interest in cashing out, severing all ties to the company, and signing over their 33.3% share.
When this takes place, I am wondering if this member can sign their share over to ONE of the remaining two members exclusively (making it a 66/33 split), or must their share be folded evenly back into the company (making it 50/50 between the remaining two)? What sort of rights does this person have when deciding what to do with their 33%?