Legal Question in Real Estate Law in Missouri

we advertised our residential/commercial property for sale. We have an interested party that has looked and now brought his person who would loan him the money to look at the property. We are an LLC. two of the four members now do not wish to sell. we have signed nothing or said sold. can we take the property off the market?


Asked on 1/18/10, 3:12 am

1 Answer from Attorneys

Michael R. Nack Michael R. Nack, Attorney at Law

What does your LLC's Operating Agreement say? I hope that you are not among the ever-growing number of people who have "organized" a business in the form of an LLC without the assistance of a competent attorney. We are seeing more and more of this over the course of the last few years. If so, you may be looking at one of the problems that failing to use an attorney or failing to follow the attorney's advice can often cause. If you have an Operating Agreement, it should tell you how the LLC is intended to operate, how decisions are made, who makes them, and so forth.If you do not have an Operating Agreement then the "LLC" can't really effectively do anything.Your specific problem and eveything else concerning the LLC in the future may have to be either resolved through negotiation or determined through litigation. You may call me for a consultation, and I may be able to provide legal services if any are needed.

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Answered on 1/23/10, 8:41 am


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