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I told my partners that I can't afford to pay monthly expenses if the business doesn't open. If I don't pay the mortgage and let the property foreclose will the bank accept offers from our broker who says she has interested buyers who can buy for a very large amount? Or would the bank use their own brokers to sell the property which may not be optimal for us? My partners don't want to sell the property nor want to work with us. So it's unlikely they will go to court to dissolve the LLC. they don't want to work with us also. So what options do my partners have ?
The market value of the property is much higher than the loan amount. So, there shouldn't be any deficient amounts due to the bank.
My question was if the property forecloses, can we suggest potential buyers to the bank so that we can get our amounts that we invested back?
Since this is a fight between partners, how can we hire an attorney to represent the LLC? Looks like we may have to hire separate attorneys to represent us.
I have already had an initial consultation with a business law attorney.
In case we appeal to dissolve the LLC, how long would this take and how much would it cost?
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