Llc Partnership Dispute Resolution

Summary

Brief Summary: Kathryn is facing a complex LLC partnership dispute with her brother involving property buyout and potential bankruptcy. She is concerned about the fairness of the buyout offer and the legal implications of gifting her share to her mother. Admitting to theft could have serious legal consequences. Consulting a local attorney is highly recommended to understand her best options.

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Kathryn
Hello Kathryn, it's nice to meet you. How can I assist you with your legal issue today?
So there is kind of a long back story regarding my issue is it okay to type it all?
Of course, Kathryn. Feel free to share all the details. Understanding your situation thoroughly will help me provide the most accurate information.
Okay so this will take me a few minutes to type out
Of course, Kathryn. Take as much time as you need to explain your situation. We're here to help.
Ok. So in * my brother and I started a LLC as */* partners in real estate. So we bought duplexes and rented them out. As of *, we had * duplexes owned as */* Co owners
That sounds like a solid business arrangement, Kathryn. Could you please specify what the legal issue is that you're currently facing with this LLC? Knowing your location would also be helpful for me to provide specific legal information.
For the first 7 years, I basically did everything. And everything went great. I'm *, my brother tried to accuse me of stealing money from the company. He could provide no proof and nothing ever came of it except for the fact that we now did not speak. We have sold * of the duplexes and have * left and the current tenant is on a land contract. He has defaulted several times so we are in the process of getting him out and then we would sell it immediately. My brother asked me if he could just buy me out so that we no longer had to communicate and I initially agreed, but am starting to think it is a bad Idea. The house is worth *,* and we owe *. He offered me 50k but if I just stayed partners and sold it with him I feel I would get much more? Also, he mentioned gifting it to my mother as I have been financially depleted the past year. My mother texted me today and said if I gifted my half to her, I can't file bankruptcy for a year so I may want to consider stating that I took money from the company and this is me giving it back. Bc then I could file bankruptcy immediately, if needed. I just feel like there is something they are doing that I don't know and they are trying to get me to say I stole money? Any help you can offer would be great as I am a single female and don't know much about the legal aspects of this
Hello Kathryn, it sounds like a complex situation. I'll need to know your location to provide more precise information. In general, here are some points:
*. You have the right to negotiate the buyout amount.
*. Gifting assets prior to bankruptcy can have legal implications.
*. Admitting to theft can have serious legal consequences.
I would highly recommend consulting with a local attorney to understand your best options.
Ok. Thank you.
You're welcome, Kathryn! If you have any other questions or need further clarification, don't hesitate to ask. It's important to make informed decisions in such situations. Best of luck with everything.
Is that free if I call that number
Yes, generally speaking, the initial call to a court or legal service is free. However, it's always good to ask about any potential fees at the start of the call to avoid any surprises.
Ok thank you
You're welcome, Kathryn! If you have further questions or need more information, don't hesitate to ask. It's important to make informed decisions. Good luck with your situation.