Legal Question in Real Estate Law in New York

About 35 years ago my brother moved to FLA and opened a business. My family (mother, father, brother and myself) made a LLC and we each had a 25% share. The LLC purchased a commercial building and we rented it to my brother’s company.

Fast forward……my parents both passed and my brother and I each inherited equal shares in the LLC….so we each held 50%. Some years ago my brother passed. His wife inherited his 50% and she continued running his business.

Now I find out the company is only paying about 20% of fair market rent for the building to the LLC. (Guess I should have been paying closer attention) So I told my sister-in-law and asked her what she thought. She said she can’t afford to pay market rent. So I suggested she sell her business and we sell the building and we’ll both be better off but she (at 70) wants to keep working. Then I suggested that she simply buy me out…..I didn’t get an answer to that.

So…..my question for you is “What options do I have or do I just have to grin and bear it?”


Asked on 6/30/24, 12:44 pm

2 Answers from Attorneys
Richard Bryan Richard Bryan Attorney PC

How much do you need the money? Or your children and grandchildren and your nieces and nephews? Lots of options on the table; unfortunately not ones we can discuss by email.

Send me an email and we'll setup a time to speak and go over the facts and maybe figure out a course of action. No charge.

Good luck.

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Answered on 7/02/24, 12:33 pm
David Slater David P. Slater, Esq.

You will need a Florida attorney to resolve. A court proceeding may be required if it cannot be negotiated.

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Answered on 7/03/24, 5:00 am


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