Can a Single Member LLC sell its interest to the 'Sole Managing Partner' while in the middle of a lawsuit?
Hi Friends,
HINDSIGHT question; I once had an Fla. LLC where I was the only member making it a single member LLC. The LLC got sued and I was forced to hire a lawyer on a petty BS suit. The cheapest way out was to settle or pay 10's of thousands in Legal Fees.
- HIND-sight I never thought about this question; Could I have sold the 100% interest in the company to myself?
- If I was able to do so, I could have represented myself and turn the tables on the plaintiff.
Anyone know the answer to this?
Thanks for your help !