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i own a 10% iterest in llc membership i have been getting distribution checks in my estate name and now getting them in my name only is thair something i should be worried about thank you kay
Optional Information: State/Country relating to question: Arizona
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good afternoon. Did you inherit this interest?
yes i did my husband left it to me i have been getting a k-1 for six years now paying tax on it
Thanks. There is no reason to worry. It is usually that it's initially in the estate but that you are entitled to it, so the checks would go to you in the name of the estate. Based on the facts checks are now coming it sounds like they have finally simply consummated the actual assignment of the interest from your husband's estate to you individually. You have no personal liability for any of the LLC's liabilities or debts because the LLC is a limited liability company.
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Experience: Texas lawyer for 32 years; Also RE developer