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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 55723
Experience:  32 years of experience practicing law and a businessman.
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If a family wants to start an LLC on inherited property, do

Resolved Question:

If a family wants to start an LLC on inherited property, do all the family members involved have to sign for the LLC to be legal? Or, if there are some in the family that do not want to sign, could they be overwritten my a majority rule that would want the LLC and could start the company even though the minority refused to sign due to their opposition?
Submitted: 6 years ago.
Category: Business Law
Expert:  Richard replied 6 years ago.

Good evening. All the owners of the inherited property are going to have to consent to this. Otherwise, you cannot have their interests in the property contributed to the LLC. Until everyone consents to their undivided interests in the property being contributed to the LLC, each party's consent must be obtained to do anything with the property.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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