One of the facts that remains unchanged about the business world is that everything is ephemeral. There comes a time in a business person’s life when you want to retire from a business, or to simply leave it whether for financial or personal reasons. This is usually hard to do particularly when you want to leave a legacy to your family. In such a case, transferring interest is usually a good way to leave your loved ones a stable and secure income source. Interest refers to the percentage of stake you have in an LLC. Here are three steps you should follow when you want to transfer your share of ownership of a firm to your family members.

When partners first get into a business together, they aim for longevity. They usually have similar goals and a vision for their product. However, over time, those interests may change. One business partner could start a family and decide to stay home to care for them. Another could suffer an injury or contract a disease that forces him to re-evaluate his business stance. When one of these circumstances or any other one forces one partner to leave an enterprise, it is usually up to the remaining partner or partners to determine the next step for the company. If your partner has left the firm, here are five actions you can take to ensure the smooth transition of your business.