Can the majority vote of 5 owners who own real estate together that is held in an LLC, sell the property?
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Can the majority vote of 5 owners who own real estate together that is held in an LLC, sell the property?
My family has a commercial property. We have had the property in a LLC for 7 years. The majority of the family wants to sell this property. They have found a buyer. Can they sell without consent of all the owners? The terms of the LLC state that the LLC shall remain intact until 2050. Does this mean that if they can sell the property they can still vote as to where the money goes after the sale? I think they would like to give the proceeds to my mother who would then give the income to just the majority voters and two of us would get nothing.
Asked on July 31, 2012 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The length of the limited liability company to 2050 has nothing to do with votes of the members to make a decision on selling one of the entity's assets. To answer your question you need to carefully read the entity's operating agreement to see how the vote for decisions are to be made as well as any amendments to the operating agreement.
I suggest that you consult further with a business attorney to assist you in your matter and reviewing the documents you need to review to assist in getting your question answered.
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