Question regarding LLCs for a Real Estate Attorney
Hi There,
I'm currently in a partnership with 15 other investors. A multi family property was purchased which is going to be put in the name of the LLC formed with these investors. I have an offering letter I signed, had reviewed by an attorney. So the ambiguous part is we need to wire transfer money (our contribution to this LLC) to the bank directly in the name of the LLC, however the LLC hasn't been solidified yet. It's semi chicken and the egg problem. I need to pay my portion to be part of the LLC yet I don't really want to pay until I know I'm part of this LLC.
How can this be rectified? How is it normally handled? Someone mentioned and escrow account is the way to go but even then I'm not clear on how the escrow account will protect me and if there's anything special that is needed when setting up the escrow account.
Advise much appreciated!