Can an LLC be sold when 25% of the ownership is being held in an?
Can an LLC (California/commercial real estate holdings) be sold when 25% of the ownership is being held in an irrevocable trust? Probably, if the Trust approves of the sale. There are some potential pitfalls. The LLCs Operating Agreement needs to allow for the sale of the LLCs asset(s); the LLC would probably have to approve of one member acting to sell the asset(s) on behalf of the LLC. The trust documents would need to allow the Trustee to sell the Trusts interest in the asset(s). If you want to do this right, youre best off to hire an attorney to guide you through it.