Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 14 years ago on . Most recent reply

User Stats

2
Posts
1
Votes
Jodi H.
  • Homeowner
  • atlanta, GA
1
Votes |
2
Posts

I don't want to sign LLC Operating Agreement without changes made

Jodi H.
  • Homeowner
  • atlanta, GA
Posted

Ohio - My 3 siblings and myself were each willed small percentages (2%) of my grandmothers estate. My father was willed 8% and his siblings were each willed 16%. Included in estate were two properties and business interst in a small company. All involved wan't to create an LLC to facilitate easier transactions - instead of having all 10 owners sign for a sale to take place.

I received a copy of the operating agreement to sign and had many questions and wanted one part of it completely removed before I felt comfortable signing. I sent a list of questions to the lawyer handling the creation.

The response was a very rude letter saying that every other member already signed, except myself and one of my siblings. He wrote that if I refused to sign than any distributions made by the LLC would not be made to me since I am not a member - until which time as I become a member.

None of my questions were addressed - nor was my request to see some sort of financial statement specifying what all was to be included as assests and current estimated market values. (I am not even aware as to how much the house is on the market for)

I have been previously excluded from all other discussions/decitions made on these properties (example - lowering the price of the house that is on the market). Only finding out through a third party. When I asked why I was not involved - I was told it didn't matter - as my shares would not change the voting decition.

I don't have a problem signing - but have valid questions I need answers to.

Question - While my shares would never consist of a majority - without me signing the LLC - would/could there even be an LLC - if I co-own the properties involved?

Any help - suggestions would be greatly appreciated.

Most Popular Reply

User Stats

1,727
Posts
837
Votes
Dave Toelkes
  • Investor
  • Pawleys Island, SC
837
Votes |
1,727
Posts
Dave Toelkes
  • Investor
  • Pawleys Island, SC
Replied

Have you considered asking the others to buy you out? If you know what your share of the estate is worth, why not just ask the other beneficiaries to buy you out?

Loading replies...