Legal Question in Real Estate Law in Minnesota
getting out of an LLC with my siblings
Hi,
My 3 siblings and myself own a resort in Minnesota that was given to us by our grandmother. We have it as an LLC. I am very frustrated with things and want out of the business but want my fair share. They will not buy me out. What can I do? Thank you.
1 Answer from Attorneys
Re: getting out of an LLC with my siblings
I need to know how ownership is divided among the 3 of you, and if there is a Member Control or Operating Agreement for the LLC, and whether such agreement provides for a buy out or restricts the transfer of an ownership interest.
Your ability to compel getting bought out first depends on any LLC document that controls this situation. In the absence of any such document, Minnesota Statutes allow you to file a suit to compel a buy out under certain circumstances.
If the land the resort is on is not owned by the LLC, but rather by the three of you individually, you can also compel a sale by a suit for partition.
As you can see, any lawyer is going to need more information in order to discuss your options.
Please feel free to e-mail me directly if you want to discuss this further.
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