North Carolina  |  Business Law

Legal Question

Asked on: 7/31/08, 5:37 pm

Selling memberships in an LLC

I am a general contractor and have found some very nice unfinished homes in foreclosure. These homes have an “after repaired value” of about $2.5 mil. I can buy them in bulk for $1mil and they will need approx. $400 K to finish them out. SO – I am seeking capital of 1.5 mil.

MY Question: Can I put together an LLC and pay a salesman a commission to sell membership shares in the LLC? If there is some law that keeps me from raising that much money or having too many people in an LLC, Can I use the same concept with multiple LLC’s and let each LLC own only 2 or 3 homes? ? = Amt of money raised for each LLC; ? = selling membership into the LLC; ? = paying commission for selling pieces of the LLC which would make the investment?

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