If not all the children are to be members, you the parent have an additional issue to address: Will you pass additional assets to the non-participating child, to compensate the child for not becoming a LLC owner?What happens if all these LLC owners, namely the children, disagree over some issue related to the home?That’s why you need a written governing document called an operating agreement.
Also, the operating agreement should detail the method of payment, be it cash up front, deferred payments and other issues. Options include permitting a child to pass his or her interest to beneficiaries, allowing the interest to be forfeited or repurchasing the interest from the estate.
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