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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I recently bught some residential real estate property in

Customer Question

I recently bught some residential real estate property in memphis with my partner. I live in new york and he goes to memphis regularly. he put all the properties in one LLC but only he is listed as the owner of the llc. How do I go about putting the llc in both of our names? Since I own about 60% of the properties I would need 60% ownership of the llc. How can I do that?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Andrea, Esq. replied 2 years ago.

Thank you for bringing your question to JustAnswer.

In what State was the LLC formed ?

Thank you,

ANDREA

Customer: replied 2 years ago.

it was formed in TN.

Expert:  Andrea, Esq. replied 2 years ago.

Thank you for your reply,

An LLC is formed by filing “Articles of Organization” with the Secretary of State in the State of its formation, and has a separate Operating Agreement which details its management structure, outlines the procedures for admitting new members, the status of the LLC upon a member's withdrawal, and outlines the procedures for dissolution of the LLC. An LLC can usually amend or repeal provisions of its Operating Agreement by a vote of its members.

A member of an LLC possesses a membership interest, which is usually an economic interest only and usually does not include any right to participate in the management of the LLC. An LLC's Operating Agreement or Articles of Organization provide the circumstances under which a new member may be admitted to the LLC, and provides for the consent of the other members before a new member may be admitted.

Therefore, you will have to ask your partner for a copy of both the Articles of Organization and the Operating Agreement in order to determine how you, as a new member, can be admitted into the LLC. And the Operating Agreement will have to be amended to reflect your admission as a member and also your percentage interest in the LLC.

Please let me know if you have any questions, or need clarification of anything and I will be glad to Answer.

ANDREA

Expert:  Andrea, Esq. replied 2 years ago.

Here are some additional requirements of Tennessee LLC’s -

The Articles of Organization creating the LLC must include the following information - LLC's name and address; the name and address of the LLC’s registered agent; whether the LLC will be member-managed or manager-managed; and the LLC's duration, if not perpetual. The Articles must be filed by mail. The filing fee is $50 per LLC member. The minimum fee is $300; the maximum fee is $3,000.

Registered Agent

Every Tennessee LLC must have an agent for service of process in the state. This is an individual or business entity that agrees to accept legal papers on the LLC’s behalf if it is sued. The registered agent may be a Tennessee resident or a business entity authorized to do business in Tennessee. The registered agent must have a physical street address in Tennessee.

Operating Agreement

Tennessee does not require an LLC to have an Operating Agreement, but it is highly advisable, but it does not have to be filed with the Secretary of State.

Tennessee does not have a publication requirement that the LLC was formed.

EIN

If the LLC has more than one member, it must obtain its own IRS Employer Identification Number (EIN), even if it has no employees.

Business Licenses

Depending on its type of business and where it is located, your LLC may need to obtain other local and state business licenses.

Annual Reports

All Tennessee LLCs and foreign LLCs authorized to do business in the state must file an annual report with the Tennessee Secretary of State and pay a $50 filing fee per member (minimum of $300 and maximum of $3,000). Annual reports are due on or before the first day of the fourth month following the LLC's fiscal year closing. Annual reports may be filed online at the Tennessee Secretary of State website or mailed.

Please let me know if you need clarification on anything and I will be glad to explain further,

If I have Answered your question, please be kind enough to leave a positive rating so that JustAnswer will compensate me for my time and effort,

Kindest Regards,

ANDREA