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i own a 10% iterest in llc membership i have been getting distribution

 
RE Att. & Developer's Avatar
  • Answered by:RE Att. & Developer
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Customer Question

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

 

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State/Country relating to question: Arizona

Submitted: 291 days and 13 hours ago.
Category: Real Estate Law
Value: $49
Status: CLOSED
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Expert:  RE Att. & Developer replied 291 days and 13 hours ago.

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?

Customer replied 291 days and 13 hours ago.

yes i did my husband left it to me i have been getting a k-1 for six years now paying tax on it

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Expert:  RE Att. & Developer replied 291 days and 13 hours ago.

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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Expert TypeLawyer
Category: Real Estate Law
Pos. Feedback: 98.6 %
Accepts: 15965
Answered: 7/5/2012

Experience: Texas lawyer for 32 years; Also RE developer

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