I don't want to sign LLC Operating Agreement without changes made
Ohio - My 3 siblings and myself were each willed small percentages (2%) of my grandmothers estate. My father was willed 8% and his siblings were each willed 16%. Included in estate were two properties and business interst in a small company. All involved wan't to create an LLC to facilitate easier transactions - instead of having all 10 owners sign for a sale to take place.
I received a copy of the operating agreement to sign and had many questions and wanted one part of it completely removed before I felt comfortable signing. I sent a list of questions to the lawyer handling the creation.
The response was a very rude letter saying that every other member already signed, except myself and one of my siblings. He wrote that if I refused to sign than any distributions made by the LLC would not be made to me since I am not a member - until which time as I become a member.
None of my questions were addressed - nor was my request to see some sort of financial statement specifying what all was to be included as assests and current estimated market values. (I am not even aware as to how much the house is on the market for)
I have been previously excluded from all other discussions/decitions made on these properties (example - lowering the price of the house that is on the market). Only finding out through a third party. When I asked why I was not involved - I was told it didn't matter - as my shares would not change the voting decition.
I don't have a problem signing - but have valid questions I need answers to.
Question - While my shares would never consist of a majority - without me signing the LLC - would/could there even be an LLC - if I co-own the properties involved?
Any help - suggestions would be greatly appreciated.