LLC has not sent partner k-1

Hi All,

I have a situation where I had invested $20K in a real estate investment partnership. The type of corporate structure was a nevada LLC. The managing partner of the LLC has since absconded with all the relevant records and doesn't return phone calls. He did however send out 2006 K-1 that show zero profit and loss, because there was no distributions. However, over period of 3 years, the investment has resulted in a loss of $8K, the partnership was dissolved and partner's remaining equity has been distributed. So to cut the long story short, there are no statements with the final accounting or K-1's for 2007 sent out. Since the partnership dissolved, the managing partner has ceased to be responsive to demands for final accounting/K-1's. What options do we as partners have?. Thanks for suggestions.

Montage

Reply to
montage9
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"montage9" wrote

"Because there was no distributions" is not a valid reason to send out K-1's showing all zeros.

There may very well have been profits or losses of one kind or another.

Talk to a lawyer.

Reply to
Paul Thomas

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