Should I Get Out of a Partnership With Family?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 24 September 2021

⏱️ 4 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Christy Wright, Dr. John Delony, and George Kamel. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Ramsey Call of the Day, part of the Ramsey Network.
0:10.8	Joining me today is Ramsey Personality, Christy Wright.
0:15.8	J.D. is with us in Lincoln, Nebraska. Hi, J.D., how are you?
0:20.4	Wonderful. How are you guys? Better than I deserve. What's up?
0:24.3	Well, I'm one of the few that you have talked about that has inherited millions, which turned me into a millionaire.
0:33.2	But I own one of a piece of property that I would like to sell either to the partnership
0:43.0	that already exists and let them own it or have the whole thing liquidated and put
0:50.5	my portion into mutual funds because I don't see the return that I would like to see off
0:56.8	of the piece of property, but I don't know that I can make it work.
1:00.8	I'm just looking for guidance.
1:02.8	Okay.
1:03.5	So the partners that are in this are your other relatives that inherited it with you?
1:08.9	Correct.
1:09.6	Okay.
1:10.1	And how many of them are there?
1:13.5	There are two others, but we are not equal owners.
1:18.1	My uncle and I are larger share owners than my other aunt that is in it.
1:24.1	And what percentage do you own?
1:27.1	41%. Okay. And how is this structured? Is it an LLC or do each of you just individually own a portion?
1:36.8	No, it is an LLC. Okay. Does the LLC documents allow for sale of shares?
1:44.0	As long as all three parties agree.
1:49.3	Okay.
	...

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