Forms or Contracts for When a Member Leaves a LLC

[jerry5911]

My question involves business law in the state of: Texas
I have a partner that is leaving my LLC and I'd like to know if there are any type of legal forms that have to be filled out by him or the LLC. I will be the sole owner after he leaves. We have no disputes to settle at this point. His health is bad and he just wants out.

[Mr. Knowitall]

Presumably you will want to enter into a contract with him specifying that you are buying out his entire interest in the company, and presumably he will want certain guarantees (such as 'hold harmless' or 'indemnification' agreements) as part of the deal. This isn't a "form" so much as it is something you would have a lawyer create based upon the specifics of the business and terms of the buyout.