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How does one purchase a share in an LLC which owns an airplane?
I am considering purchasing a 1/3rd share of an LLC which owns a
Cessna 206. The LLC is owned by three partners each with an equal share. The only other asset of the LLC is a bank account with maintenance reserve funds. My question is this... How does one go about purchasing a 1/3rd share of an LLC? There are no stock certificates as in a regular corporation, no title, no deed, or any other document I can think of. What proof does one have that the seller owns one third share, or has not already transferred it to someone else? Would all three partners have to sign in agreement that the one partner has the right to sell his 1/3rd share and accept the new partner? Do voting rights automatically come with the purchase? Are there any documents I should ask to see or get copies of? I do plan to speak with an attorney (general practice, not aviation) about this later this week. I would just like some initial understanding and perhaps advice on questions to raise. |
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