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Updated over 1 year ago,
LLC - help with terminology
Hi.
I'm trying to move my rental property into an LLC. Right now the mortgage company is super backed up, and it has taken several months for them to get back to me on my request. Can anyone help me with some terminology? The email says:
"All Borrowers must hold majority interest and equal shares of interest in the LLC. " We have 5 partners in our LLC - my husband and I, along with 3 of our kids. The shares are broken down like this:
Me (borrower) - 22%
Husband (borrower) 22%
Kid 1 - 22%
Kid 2 - 22%
Kid 3 - 12%
Have we fulfilled this majority, with both borrowers combined, holding 44%? Or is a majority always 51%
Thank you!
Linda