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LLC & Real Estate

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dexter_morgan

Junior Member
What is the name of your state (only U.S. law)? NC

I had an LLC with a business partner where we owned a rental house and an unimproved lot. The LLC agreement stated that the llc would be dissolved after 90 days where the llc no longer owned any assets. We sold the house but maintained the lot. However, when we had to refinance, the bank made us change the lot loan into our personal names. For about a year, the LLC managed the payments for the lot until my partner unilaterally dissolved the LLC as he stated the LLC did not own any more assets and should be dissolved.

I have been told since then that that was not necessarily the case and the LLC could have remained active and continued managing the lot even though the loan was no longer in our names.

Do you know what the proper procedure was? Was he correct or could the LLC continued to make the loan payments and controlled the decisions for the lot?

Thanks
DM
 



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