 |
|
Ask a Lawyer -- LLCs
LLC Question 135
Question:
I formed a Delaware LLC for the purpose of owning a share of Tenancy-in-Common real estate in New Mexico. The share and real property has been sold. The LLC is now a shell. Can I use the same LLC to buy another TIC elsewhere? If yes, what are the risks involved in perpetuating the LLC? If no, when should I dissolve the LLC and how?
Response: I assume you formed the LLC for liability protection in the ownership of the asset described above. If the only asset owned by the LLC has been sold and there are no contingencies in the sales contract (or ones with very minor risks), I do not see a problem with using the existing LLC as a vehicle for the purchase new real estate. But without a thorough investigation of the facts underlying a transaction, an attorney cannot really say what course of action best suites an individual's needs.
Submitted: 09/21/2007; W. Liu, California
Response: 09/21/2007; JJR
Add A Comment
|
|
Ask a Lawyer LLC Archives
DISCLAIMER
The above is provided for informational purposes only and is NOT to be relied upon as professional advice. The information presented on this site comes without any warranty of correctness and, therefore, should not be relied upon. This service is not a substitute for the advice of a professional. No attorney client relationship is created through use of this site.
|
|
 |
