Nashville, TN asked in Estate Planning, Real Estate Law and Business Law for New York

Q: If I purchase another member's interest in an LLC, does that mean I own proportionally the LLC's assets?

My mother has an LLC with property owned by it. If I were to purchase 90% of the interest in the LLC, would that asset than be 90% mine?

2 Lawyer Answers
Inna Fershteyn
Inna Fershteyn
  • Estate Planning Lawyer
  • New York, NY
  • Licensed in New York

A: What does the LLC agreement state? Or you have no LLC agreement?

I think before purchase you should get a consultation with attorney and focus on BASIS (value of property at the time your mom purchased it) to avoid capital gains taxes at sale.

Your question is not really real estate it's #NYcorporatelaw and #nyestateplanning

Feel free to call

Inna Fershteyn

Law Office of Inna Fershteyn and Associates, P.C.

1517 Voorhies Ave, Suite 400

Brooklyn, NY 11235

tel: 718-333-2394

fax: 718-701-8859

4 users found this answer helpful

Barry E. Janay
Barry E. Janay PRO label
  • Estate Planning Lawyer
  • Florham Park, NJ
  • Licensed in New York

A: Yes. If you buy the LLC interest you own a percentage of the LLC and it's assets, the LLC also may have liabilities so perform your due diligence thoroughly. A decent attorney can assist you in this transaction.

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