Goals, Business Plans & Entities

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Darren Lee Colston
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Transition from family operation to LLC or Corp.

Darren Lee Colston
Posted Nov 10 2021, 18:34

Hello, 

I'm newish. I manage one of my grandmother's properties, with a Master Lease. Several other of my grandmother's properties are being managed by my uncle on behalf of my grandmother and his siblings. He is thinking of making a big move and starting an LLC or some kind of legal entity but trying to avoid tax basis reassessment. He's on the majority of the deeds and definitely could use some legal and business support.

We are looking for help to decide how to structure and pay out family members their stake in the properties. Many of the homes are multifamily properties that are being rented out or are being underutilized. 

Does anybody have any suggestions for Business Advisors that can set us up and help us run things more efficiently in California, specifically the Bay Area? I have a few ideas about what we should or could do but I'm low on the family totem pole.


Thank you 

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