Parents established an LLC for rental properties.Currently the LLC holds one property with no profit as the house has not been rented or sold.The father passed and his 50% of the LLC ownership dispersed to the 4 children.One child requested removal from all estate items years ago but is holding onto the 1/8 and will not sign.She would transfer ownership of the property held by the LLC to personal ownership.She is expecting him to pay 1/8 all bills associated with the corporation and property.The family does not want him having any claims to this property or "profits" although there will be no profits since another one of the children will be purchasing the home through the mother.What are the best options to dissolve the corp and transfer ownership of the property?
Family Law Attorney
This isn't a simple situation that can be answered through a general question and answer forum over the Internet.
You will need to get copies of the Articles of Organization, any Operating Agreement, any documents from the father's probate proceedings, etc. and have an attorney review them and determine the best course of action to take based on the particular circumstances of your situation.
This response is for information purposes only, it does not create any attorney-client relationship. Responses to questions posted on this Forum are of a general nature only. Because it is not possible to have all of the facts of your issue addressed in this forum, you should consult with an attorney to review the unique circumstances specific to your situation. www.TheSchollLawFirm.com
3 lawyers agree
Construction / Development Lawyer
You will need to confer with an attorney. The question is complex and there is not enough information to provide much guidance. An attorney will review the company formation documents, member control agreements, and estate documents to determine the proper status of the parties and a course of action.