An LLC is run by its Operating Agreement. There are numerous ways the Operating Agreement can provide protection to you from your heirs bad credit decisions (or your heirs from your bad credit decisions). For instance, the agreement may limit the admission of new members and can keep the manager(s) from admitting new members. It can also keep members from voluntarily transferring or encumbering all or any portion of their interests in the company. This with a right of first refusal will keep your heir from selling his membership interest to anyone but you. It also restricts the members right to receive profits, losses and distributions of money from the company. This and the right of first refusal gives you controlling interest in the company. Riverside Court Attorney - Lawyer - Gwynn Law Firm.
One final word on foreclosure in Riverside County California :: Once a NOD is recorded it is a matter of public record. Certain companies calling themselves Foreclosure Consultants or some variation of that will contact you about the foreclosure. Typically, the consultants will get involved where there is equity in the property. We highly recommend that you seek counsel from an attorney before agreeing to sign up with a Foreclosure Consultant.
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