Free LLC Forms
Free LLC Forms
 

ASSUMPTION OF PERSONAL DEBT BY NEW MEMBER

Whenever debt is incurred by a member of an LLC, there should be both a written record as well as an agreement in placing acknowledging and authorizing such an action. Without such written agreements, it could be difficult to hold a member responsible for incurring debt. This free agreement is simple but effective.

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As consideration for the interest of ________________________________________

________________________________________ (Name and Address) in the assets of ______________________________________ (Name of LLC), hereinafter the LLC, the firm agrees to pay _________ percent (___%) of the personal indebtedness incurred by ______________________________________ (Name) in the purchase of property and in conducting the business of the LLC.

_______________________________________ ____________________
Signature and Title                                       Date

_______________________________________ ____________________

Signature and Title                                       Date

_______________________________________ ____________________

Signature and Title                                       Date