I have several properties in CO, each in it's own separate LLC with me as the only member of each LLC. Does having all the LLC's insured under a PERSONAL liability umbrella defeat the entire point of the LLC's, (which is to keep each property only individually "liable" and... View More
Hi there, generally your personal liability policy is not going to cover the properties owned by the LLC given that the LLC is not the insured on the policy. You would need to read the policy to be certain. An umbrella policy for all of them could be a solution if there was adequate coverage and...View More
If an LLC company is formed between two partners/members with 10/90% shares. Can an operating agreement change these shares to 49/51%. The goal is to acquire a franchise business. The franchisor is asking that the operating partner must hold more than 51% of the company shares, while my partner... View More
Hi there, this can and does happen. There are some mechanisms through which you can amend these percentages. You also need to consider if the business is generating any revenue/what assets it owns to avoid any unintended tax consequences. Please reach out if you would like to discuss further.
If someone signs a hold harmless agreement that says their heirs cannot sue the entity that the person signing agrees not to sue, but the heirs have not signed it themselves, is the agreement legally binding on the heirs even though they have not signed it?
Yes this is common language in releases and in the indemnification context. This would probably prevent the heirs from having a claim. You can agree to release someone from a claim by you and your heirs.
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