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Thomas McJD
Thomas McJD, Attorney
Category: Business Law
Satisfied Customers: 6516
Experience:  Experienced in Corps, LLCs, Partnership, etc.
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We were advised to turn the condo my Father left his 3 daughters

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We were advised to turn the condo my Father left his 3 daughters into an LLC. We did that and each sister owns 33 1/3% of the company. Two of us would like to liquidate this condo as we can not rent it to recoup fess and expenses. Is this a majority rules situation? CAnwe sell without needing her to agree?
Thanks,
Diane Powers

TMcJD :

Hi, I will be happy to assist you, and it is my goal to make you a very satisfied customer! This may take a few minutes, so thanks for your patience.

TMcJD :

What percentage of votes of LLC members is required to liquidate LLC assets will be controlled by the operating agreement of the LLC. If there is no operating agreement, then FL state statute concerning the same would control. That law would allow a majority to take the desired action.

Customer:

Hello?

Customer:

So you know what the Florida state statute is in this situation. We do not have an operating agreement.

TMcJD :

Are you looking for a specific citation to the statute?

Customer:

I am wanting a concrete answer to my question. If there is no operating agreement is the Florida statute on selling asset with an LLC a majority rules situation?

TMcJD :

As noted in my answer, yes, majority controls where there is no operating agreement and statute controls.

TMcJD :

Here is the statute:

TMcJD :

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0600-0699/0608/Sections/0608.422.html

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