Multi Member LLC but only one person purchasing a property.

Multi Member LLC but only one person purchasing a property.

Member since 2021 · 1 post · 0 votes

Sorry for the title I don't really know how to form this question but here it goes. I started a Multi Member LLC with a family member. We have no bank account set up and have made no contributions or purchase in the name of the LLC. I am wanting to purchase a piece of land under the LLC. My partner does not want to participate in the purchase or anything else with this particular property. Can I still purchase this land under that LLC or would I have to create a new LLC. What Changes to the operating agreement would I make

0Reply
17 views

1 Reply

Jump to latestLatest
  • Daniel HymanBusiness Member
    CPA · Milwaukee, WI · Member since 2016 · 2k+ posts · 1k+ votes
    5y

    Its probably cleanest to open a new LLC and purchase through that. Best to consult with your tax advisor and attorney on these matters.

    My Online Accountant572 Reviews
Join the conversationCreate a free account to reply, vote on answers and follow this thread.