Legal Question in Real Estate Law in Missouri
partnership responsibility
What are the fiduciary responsibilities of the participants in real estate LLC to each partner? Can rents be manipulated to benefit two members of the LLC to the detriment of the third? i.e. If two members occupy a building owned by the LLC, can they lower the rent to decrease their costs threreby reducing the income to the third, non-occupying, member of the LLC? Can they also make improvements that are not reimbursed by rent increases but benefit their business?
Asked on 2/06/08, 3:55 pm
1 Answer from Attorneys
Michael R. Nack
Michael R. Nack, Attorney at Law
Re: partnership responsibility
I hope that you know that an LLC is not a partnership. Also, an attorney will need to review the operating agreement and any paper trail of the actions you complain about to see whether those actions were taken legally.
Answered on 2/10/08, 9:41 pm
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