Posted by John Merchant on November 19, 2004 at 14:03:50:
Think about this: Whenever you need to deal with buyout of ANYTHING, don’t you have to at least deal with and negotiate with its OWNER?
So those LLC units do have a current owner, be it deceased guy’s estate, heirs, etc…in other words, somebody owns those units NOW, and you’ll have to deal with them to see what they want in sales price, terms.
Just because your original partner died, doesn’t mean those LLC units are UNOWNED now.
LLC deceased partner buy out - Posted by hollis
Posted by hollis on November 12, 2004 at 18:32:30:
My partner has recently passed away… I have the option of buying the LLC for 1/4 of its book value which seems good except how to actually do it? Would I look to a lender to lend me the money bassed on what? I doubt I would get their funds to put into an LLC? How do I buy the LLC if I don’t have the hard cash? Should I take out a home equity loan, buy the LLC and then get a new mortage on the same property in my own name?If so how do you dissolve the LLC or do you have to? Hollis