All Forum Posts by: Joshua Gorsky

@Dawn Peterson

You could always use a different name. Generally speaking, there wouldn't be a legal need to transfer the LLC to Florida. The only consideration may be that you'll still need a registered agent for service of process in NJ. This can be accomplished by hiring a service for a fee. I'm curious as to the thoughts of a CPA here given the differences in tax implications generally between NJ and FL.

@JP Leonard

What about creating a land condominium? The 2 condos would your front yard and back yard. Each could act with autonomy re: development and financing.

@Stuart Udis

In your hypothetical, yes. The lender will define “Obligations” and make each guarantor responsible for X% of the Obligations.

Hi Margaret, not sure if you found anyone. If not, glad to connect to see how I can help. 

For what it's worth, while a joint and several guaranty is most common, I've seen and have been a part of transactions where the parties negotiated limited guaranties for each guarantor (usually based on their % ownership) adding up to the 100%. It is rare, but the concept exists. 

@Roger West

What area of NJ and what asset type?

The solution is likely to file an amendment to the Certificate of Formation for the entity changing the registered agent. I'm assuming its a TX LLC? The registered agent doesn't normally necessarily have to be an attorney or involved in any business transaction. They are usually there to accept service of process in a lawsuit. There are services that act as registered agents for an annual fee. Glad to discuss further.

@Jason F.

Hi Jason, I have a company in mind that maybe able to help. If you are interested I can pass them along.

Have you reviewed the condominiums documents yet? Typically those types of issues are the responsibility of the association to address, not the unit owner.

@Kennedy Kaunga

Hi Kennedy, I’d be remiss if I didn’t offer to help here. The law firm I work for has the specialties you are looking for with a tract record of representing large and small investors. If you interested in talking more, we can connect directly.

@Chris Hart

Agreed with the others that the terms of the contract will help untangle some of the mess. Something that hasn’t been mentioned yet is the concept of a construction lien (i.e mechanics lien) being placed on the property by the GC, or sub-contractor or materialman involved in the project.

For example, If you paid the GC for a part of the work, and the GC never paid a sub-contractor, the sub-contractor (within a certain statutory period of time) has a right to place a lien on the property.

Your best bet would be to consult with an attorney to formulate a plan and stay proactive.