We have a couple of rental houses here in Texas. We were
We have a couple of rental houses here in Texas. We were wanting to roll into an LLC but it sounds like the mortgage companies will not allow LLC to hold mortgages without us being personal guarantors which eliminated the personal asset protection of LLC. Then I heard that we might could put them into a Trust and then roll that into LLC. We basically would like to have the personal asset protection associated with LLC and would like to have the mortgages off of our personal credit reports since it has affect on loan debt-to-income ratios. Is there a way to handle these mortgages to accomplish the two things we are specifically interested in?
Under Massachusetts law what rights would a minority share
Under Massachusetts law what rights would a minority share holder have in our business if she were to own a 9.16 % share where my brother and I would be equal share holders in the rest of it and we are both the president and VP/treasurer's and the onlyboard members. In out articles it states only board members can vote and or have any say in any decisions etc. Basically our Dad re-married (curse of death these days) and his wife of 4 years has elected for her stat. share under NH law which is 1/3rd of theEstate. Our dad at the time owned 27.5 % state in our Family business and after a 15k new biz evaluation her stake from our experts (which she is contesting) is worth about 151k We have mediation this week and we are not very hopeful a solution will be resolvedsince she insists she is do a lot more on a variety of different issues. So my question is basically If we were to leave her on as a minority shareholder what exactly would her rights be? What problem could she may or may not cause us as we move forward. I'maware if we issue dividends then she would be entitled to her share of % of what was issued to each share holder but other than that what else would be the disadvantages of keeping her on as a share holder? We assume if a decision is not reached then we couldbe forced to sell all the assets which again would raise the shares as a major point since nobody is likely to buy shares in a closely held corporation where the 2 major share holders are Brothers. Like in most small closely held companies the shares aren'tworth the paper their printed on since you couldn't get a cup of coffee with them at the store so their is no likely buyer for them what are we facing for issues if we were to leave her on as a shareholder. Thanks.. JB
Must a closely held California corporation have an ending on
Must a closely held California corporation have an ending on their name? What is the definition of closely held (ex. a corporation with 6 shareholders and three of the shareholders make up over 50% of ownership)? If such a corporation has been operating without an ending on their name, how can it be remedied?
I have a shareholder agreement in a California S Corporation
I have a shareholder agreement in a California S Corporation regulating the transfer of ownership and non-compete. The corp AOIC does not have "closely held corporation" on the filings. Is a California corp legally able to create a shareholder agreement if not designated a closely held corp?