Can a co-owner of of an LLC force a sale of the assets?

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Can a co-owner of of an LLC force a sale of the assets?

About 5 years back, my father passed away and I acquired his percentage of the home he owned. At the time of his death, the home was listed as a LLC and he was 50/50 partners with my uncle. Long story short, I acquired 50% of the home after probate. Since it was a LLC, the home was reappraised for property taxes after my father’s death; I paid off the mortgage and the rent I collect barely covers property taxes now. It currently is not the best financial decision for me and I want out. I would like to sell to my 50% and purchase a home of my own. We have not been able to agree on a fair value and I do not believe he has the funds available. On a side note, the LLC has not been kept up-to-date. Can I force a sale?

Asked on December 17, 2012 under Business Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Based upon what you have written where a residence is in the name of a limited liability company you can file a petition to dissolve the entity and have all of ots assets sold. The mechanism to so such is usually listed in the operating agreement of the entity. Given what you have written, I suggest that you consult with a family law attorney to assist you in the endeavor.


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