LLC disagreement

[sailor44]

I bought an apartment building with my mother in North Carolina. I am the only person on the loan, but I put our LLC on the title. This way my mother could handle all the legal business for the building. This is a 50/50 partnership LLC with my mother as the managing partner. What would be the best way to get control of this apartment building? I am not getting any information from her about the building and she is the current manager. I received a call from the bank informing me that the building is three months behind. I need to get a professional management company to manage the building and to secure the money. My bother has told me that there are enough tenants in the building to pay the mortgage. This means that she is using the money for other things. What can I do?

50/50 should mean that you can make any changes equally with the other person.

If you cannot agree you may dissolve the LLC.

If the issue went to court for any reason the equities would be strongly in your favor as the one that in fact took the loan and has the capital at risk.

But try to get clear agreements in place as to how decisions are made and reviewed. And you should be able to veto any decision or fire any manager.

World Law's lawyers could also probably intervene and help resolve this if need be. You may email them on the home page.