LLC Property Ransom

[Jaybassplays]

I was in a band that was an LLC. We owned a trailer. The LLC was desolved and the accets were split 5 ways, including remaining assets (the trailer). Our singer (one fifth) passed away in Feb. 2012. The trailer has sat, until recently. It was agreed that I (1/5) would buy the trailer from the remaining members and our singers wife. I payed 2 out for 4 and then my singers wife (wife of deceist) came to my house, when I was not home, and took the trailer. Now she won't give it back because she thinks we all need to finish a cd that was recorded 6 years ago.
Is this illegal? And how, can I get it back? What do I have to do?
Thanks.

 

[army judge]

I was in a band that was an LLC. We owned a trailer. The LLC was desolved and the accets were split 5 ways, including remaining assets (the trailer). Our singer (one fifth) passed away in Feb. 2012. The trailer has sat, until recently. It was agreed that I (1/5) would buy the trailer from the remaining members and our singers wife. I payed 2 out for 4 and then my singers wife (wife of deceist) came to my house, when I was not home, and took the trailer. Now she won't give it back because she thinks we all need to finish a cd that was recorded 6 years ago.
Is this illegal? And how, can I get it back? What do I have to do?
Thanks.

From your version of the events, you may not have dissolved the LLC properly.

Read this:

http://www.nolo.com/legal-encyclopedia/how-dissolve-llc-wisconsin.html


Now, read this:



http://startupblawg.com/2014/05/20/how-to-close-a-startup-llc/


http://www.richardafredericklaw.com/documents/Corporate Divorce Jan-2013.pdf

Because you seem to have not dissolved the LLC, the asset (the trailer) could be in limbo.

There is a precise order of events (its spelled out in the literature I suggested you read), you may have paid for something you don't own.
As I don't know what happened leading up to the death of one of the members, you might need a lawyer to help you sort this out.
The dissolution also has certain state and federal tax ramifications.
What you described is not as detailed as what i know must be done.
Its also far too complicated to address on a message board.
I suggest you get the remaining three members and yourself together and agree to revisit what you've done to make sure you do everything to dissolve the LLC and rectify your mistakes.
You also need a lawyer, and I don't think the spouse of the deceased has a say in these matters.
If you don't fix this, there could be some negative consequences for the survivors.