My partner has recently passed away… I have the option of buying the LLC for 1/4 of its book value which seems good except how to actually do it? Would I look to a lender to lend me the money bassed on what? I doubt I would get their funds to put into an LLC? How do I buy the LLC if I don’t have the hard cash? Should I take out a home equity loan, buy the LLC and then get a new mortage on the same property in my own name?If so how do you dissolve the LLC or do you have to? Sam
Howdy Sam:
The LLC can stay in tact or you can dissolve it. What property does the LLC own and what is the value and loan situtation? You can get a loan and buy the property from the LLC or just refinance the property, You have many options. Was there insurance and does the LLC receive and of the cash? There are other questions too about heirs and their needs. You may be able to just give them a note and own your partners share of the property. Pretty sure they want cash but income is good too, Never hurts to ask.