Legal Question in Real Estate Law in Massachusetts
I have commercial real estate under LLC. We are three members of LLC, I have 45% share and person B has 45% and person C has 10%.
Now person B and person C wants to sell the property in future without letting me know. Is there a way that I can put some kind of flag/hold/trigger/stop on the deed when they try to transfer.
Property is deeded to an LLC. I do not want to get into the situation where I am left with the option to just sue person B and C. I want that this should not happen to begin with.
In other words can they sell without my consent.
How do I put hold/stop/lien or something that should shot them from transferring.
2 Answers from Attorneys
Without reading your operating agreement no one can advise you adequately. I suggest you set-up a meeting with an attorney. Under the terms of most LLC operating agreements they would have to notify before taking action even if they have the voting authority to sell.
Once the attorney reviews the operating agreement and gets all the facts, he should be able to give you your options.
Thanks for your question.
Your concern is understandable. As Attorney Roth points out, the rights and remedies of each of the members is laid out in the operating agreement. You should take your LLC's operating agreement to an attorney to review it and explore your options.
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