Legal Question in Civil Litigation in Indiana

My siblings and I inheriated farmland from my father. It was left 1/4 to each of the 4 siblings. We created a LLC to handle the rent from the farm income. At this point I am thinking I may want to sell my portion, my siblings are saying I cant. But in the LLC paperwork it states that the others should have first option to buy if one wants out. So if they do not want to by my portion, shouldnt I legally be able to sell it to someone else?


Asked on 4/11/13, 12:00 pm

1 Answer from Attorneys
Kenneth Wilk Rubino Ruman Crosmer & Polen

Without seeing your LLC bylaws, it's hard to say exactly what rights and remedies you have. But, if the LLC paperwork was properly drawn, you should have the right to sell your share. However, you must follow exactly the procedures that are set forth in the bylaws. If the bylaws don't have complete steps to follow for sale of shares, there are Indiana laws which come into play. But those are more complicated and you would need to consult with an attorney for that.

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Answered on 4/12/13, 4:53 pm


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