Legal Question in Real Estate Law in Missouri

I am the registered agent for a Missouri LLC that owns Missouri hunting property. I am the only member of the LLC that lives in Missouri, therefore I became the registrerd agent for the LLC, because when we formed the LLC we understood that one person had to be a Missouri resident in order to own Missouri land thru a Missouri LLC. If I sell my share of the LLC, am I limited to only selling to a Missouri resident, that then would need to become the registered agent?

Asked on 7/10/13, 11:21 am

1 Answer from Attorneys

Anthony Smith LawSmith

No. The land can be sold. But, since you only a member of an LLC that own land, it isn't you that it would be selling the land. Whether you can sell your LLC interest is more up to the membership agreement for the LLC. If the other members agree to the sale, and none of them are Missouri Residents, the LLC would have to designate a Missouri Resident to be the agent. Otherwise, they may create personal liability for themselves, or the LLC could get sued and lose by default without the members knowing about the suit. If there is no agent designated, someone wanting the land or to sue the LLC might just have to post notice of the suit on the land. Commonly LLCs hire an attorney to act as their resident agent for Service. The land is in Missouri, so the fact that members live out of the state is of little importance. If someone sues the LLC, they can take the land, even though the members live elsewhere. If the Plaintiff gets a judgment larger than the value of the land, then they might have to register their judgment in the member's home state to collect the excess there.

Good luck

Read more
Answered on 7/10/13, 12:08 pm

Related Questions & Answers

More Real Estate and Real Property questions and answers in Missouri