Posted by Rich-CA on August 18, 2007 at 07:48:17:
You should ask the SEC if sale of partnership shares without a securities license is illegal. From what I know it is. This does not fall under RE licensing since its the purchase of shares rather than RE. You are not involved in an RE purchase per se since the LLC already owns it and one does not need to be licensed to buy RE (otherwise all homeowners would have to be licensed).
LLC - Posted by Alice
Posted by Alice on August 17, 2007 at 09:07:11:
I bought 5% shares of one LLC project 2 years ago. Which is a 360 Acres Vacant land.
After two years holding, I did not receive any statement fromthe company. I asked for return the money for the LLC shares.
After I noticed that company, it posted in the newspaper that sell the same llc share which is double of my purchase price.
I haven’t receive my money back after 2 months notice to the company. What price shall I get from the company, my purchase price minus some costs or the market price.
In the operating agreement it did not mention that.
Re: LLC - Posted by Rich-CA
Posted by Rich-CA on August 17, 2007 at 21:40:49:
The operating agreement will specify what happens when a partner wants out. It will also specify what reports will be done to the members (owners). If nothing is specified, then you get nothing unless the managers decide to do it.
Re: LLC - Posted by Alice
Posted by Alice on August 17, 2007 at 21:57:54:
But is it illegal, the llc owner who is under no real estate broker and did not register in SEC?
Can I complain or sue the owner?