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?
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
www.BrooklynTrustandWill.com
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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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