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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 41221
Experience:  Run my own successful business/contract law practice.
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My friends and I are starting a money pool estate

Customer Question

My friends and I are starting a money pool for real estate can any one of us bring in a new investor even if the rest of us do not have a report or relationship with a new member?
Submitted: 2 years ago.
Category: Business Law
Expert:  Dimitry K., Esq. replied 2 years ago.
Thank you for your question. Please permit me to assist you with your concerns.
If I may ask, will you be seen as 'partners' or what exactly will you be in terms of relationship toward each other?
Customer: replied 2 years ago.
Members of the pool which will be classed as an LLC.
Customer: replied 2 years ago.
Such as " Craftsman investment's LLC "
Expert:  Dimitry K., Esq. replied 2 years ago.
Thank you for your follow-up.
Generally an LLC, having shareholders, is not able to sell their shares to just anyone--the shareholders have to vote and agree as to whom the shares are being sold to, and it generally takes a majority of shares to vote unless the incorporation agreement denotes otherwise (some may require a 2/3 majority, a 'super' majority of 75%, or even 100% agreement between existing members). One person cannot simply sell LLC stock to a complete stranger to other shareholders without their knowledge or input. If there is no limitation on the ownership, that person might be able to sell or transfer some or all of HIS shares, but not the LLC shares to this new individual.
Dimitry, Esq.

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