laurarichardson said:

wavesofbliss said:

so why didn't put everything in the LLC. i would think the physical PP and surrounding property would have just as important to him. we will know.

We don't know what is in the LLC.

We know about the music and we know about the Purple Rain house.

Have we ever seen documents that say PP is wholly owned by Prince? All we know is that it is off the table to be sold.

If you just do a simple Goggle search you can find out a lot of information about LLCs being used to avoid probate proceedings but it appears to vary from state to state.

there wouldn't be all this other BS going on if everything was in the LLC. his estate would not be in probate at all would it?not according to the stuff u guys have posted. so it's safe to assume he left some things out. this BS about naming heirs is what's got me cranky. that seems to be what's holding things up. i'm hoping and praying that comes to resolution by years end.

laurarichardson said:

nelcp777 said:

A lot has happened lately, particularly the LLC topic. The application lists 1 manager, the lawyer who helped Prince get his masters back, Lamkins. It is interesting that the application has checked only 1 manager will manage the LLC. My question is, is the manager the owner of the LLC? I did not see any section of investors or owners.

After googling NPG Music Publishing LLC, I found a website:

http://www.npgmusicpublishing.com/

All it has is a contact request. I did notice a good bit of articles via the web from 2014 when Prince gained his masters and the articles addressed Prince's catalog being controlled by the LLC:

http://rollingout.com/2014/04/05/princes-entire-catalog-now-controlled-npg-music-publishing/

The LLC was a big press release from him. I am not sure what impact this has on his estate and Vault. I am curious as to how Dixon got copies, unless the application is public information.

I don't get the impression that the LLC was set up as a probate/estate item. I am under the vibe Prince was trying to control and maximize his work.

But it can have an impact on probate we don 't knowif that was his sole intent. The agreement may have been attached to the copyright information or Dixon knows someone on the inside of the P team. I hope I am wrong about the last part because he is a scam artist or a nut.

Yes, the possibilty is there, I agree. I just get the vibe Prince was looking more long term and controlling what he had fought so long to get, his masters and work. Pure speculation.

Dixon does sound like trouble. But, I think he may have bitten of more than he can chew this time. He may face legal actions just like Claire if they do not stop.

If Dixon is from Cali, he could have done some research since the LLC was on the news. If he had connections to Prince's team, I would imagine Dixon would have better "exhibits" than what he has used for his claim.

wavesofbliss said:

laurarichardson said:

We don't know what is in the LLC.

We know about the music and we know about the Purple Rain house.

Have we ever seen documents that say PP is wholly owned by Prince? All we know is that it is off the table to be sold.

If you just do a simple Goggle search you can find out a lot of information about LLCs being used to avoid probate proceedings but it appears to vary from state to state.

there wouldn't be all this other BS going on if everything was in the LLC. his estate would not be in probate at all would it?not according to the stuff u guys have posted. so it's safe to assume he left some things out. this BS about naming heirs is what's got me cranky. that seems to be what's holding things up. i'm hoping and praying that comes to resolution by years end.

The only things locked in Probate are the properties listed to be sold and whatever liquid assest he had. We still have not seen a final accounting so we do not know how liquid he was.

The only problem I see is the Duane Spawn as they are holding things up. It is not that hard to sell property, total liablitites and assests and pay bills.

Also remember his family members live in some of those homes so they will have to buy them from the estate which better than having them in the LLC.

nelcp777 said:

laurarichardson said:

But it can have an impact on probate we don 't knowif that was his sole intent. The agreement may have been attached to the copyright information or Dixon knows someone on the inside of the P team. I hope I am wrong about the last part because he is a scam artist or a nut.

Yes, the possibilty is there, I agree. I just get the vibe Prince was looking more long term and controlling what he had fought so long to get, his masters and work. Pure speculation.

Dixon does sound like trouble. But, I think he may have bitten of more than he can chew this time. He may face legal actions just like Claire if they do not stop.

If Dixon is from Cali, he could have done some research since the LLC was on the news. If he had connections to Prince's team, I would imagine Dixon would have better "exhibits" than what he has used for his claim.

I think Dixon is going to get into a tremendous amout of trouble.

laurarichardson said:

ISaidLifeIsJustAGame said:

There are no legal fees eating up money in an LLC.

If he gave money to his family it would still be taxable.

I dont understand why Prince would give family members that he hadnt seen in 15 years money when he had a huge payroll to take care of and huge operating costs for PP.

Okay. Let me clarify my questions.

Legal fees are eating up money during the probate process. Bremer has already sent invoices for 2 million dollars. The longer the probate proceedings drag on the legal fees are going to continue to accrue. In addition, taxes will have to be paid on the assets in the estate during the probate process. Would it have been a good idea for Prince to place assets in the LLC to lessen the tax burden?

My question to you is If Prince put his songs and other assets in an LLC would this be a means for having those assets free from the probate process?

If he had shareholders in the LLC would they not receive dividends from the earnings of the songs and whatever other assets are in the LLC?

If Prince is the sole owner of the LLC it would go into Probate.

You dont really believe Prince would give ownership of all his material to someone else, do you?

If he had shareholders it would depend on what the Operating Agreement terms were as to whether they would get dividends and/or earnings. It would also depend on the Operating Agreement as to what would go into Probate upon his death.

nelcp777 said:

laurarichardson said:

But it can have an impact on probate we don 't knowif that was his sole intent. The agreement may have been attached to the copyright information or Dixon knows someone on the inside of the P team. I hope I am wrong about the last part because he is a scam artist or a nut.

Yes, the possibilty is there, I agree. I just get the vibe Prince was looking more long term and controlling what he had fought so long to get, his masters and work. Pure speculation.

Dixon does sound like trouble. But, I think he may have bitten of more than he can chew this time. He may face legal actions just like Claire if they do not stop.

If Dixon is from Cali, he could have done some research since the LLC was on the news. If he had connections to Prince's team, I would imagine Dixon would have better "exhibits" than what he has used for his claim.

I agree with you.

Dixon could have gotten the documents he attached as exhibits through the "discovery" process from Bremer Trust.

laurarichardson said:

wavesofbliss said:

there wouldn't be all this other BS going on if everything was in the LLC. his estate would not be in probate at all would it?not according to the stuff u guys have posted. so it's safe to assume he left some things out. this BS about naming heirs is what's got me cranky. that seems to be what's holding things up. i'm hoping and praying that comes to resolution by years end.

The only things locked in Probate are the properties listed to be sold and whatever liquid assest he had. We still have not seen a final accounting so we do not know how liquid he was.

The only problem I see is the Duane Spawn as they are holding things up. It is not that hard to sell property, total liablitites and assests and pay bills.

Also remember his family members live in some of those homes so they will have to buy them from the estate which better than having them in the LLC.

Could the homes not be part of their % of the estate? The fair market value of the homes could be used as a percentage. Instead of receiving cash, the homes value offset the cash to be received?

Duane's offspring is the major setback/hurdle. Personally, I think the Simon's claim should be dismissed due to the late filing. Sounds cold, but come on, it is friggin' Prince. Ignorance is not an excuse to law.

If Duane's offspring are ruled heirs, that will lower the % of distribution, but also can create more trouble down the road. If they do not agree with the decisions of the music, PP, etc, that tie the estate up longer in the system. More money. More time.

I think the siblings should be looking into a contigency plan just in case they are ruled heirs.

ISaidLifeIsJustAGame said:

laurarichardson said:

Okay. Let me clarify my questions.

Legal fees are eating up money during the probate process. Bremer has already sent invoices for 2 million dollars. The longer the probate proceedings drag on the legal fees are going to continue to accrue. In addition, taxes will have to be paid on the assets in the estate during the probate process. Would it have been a good idea for Prince to place assets in the LLC to lessen the tax burden?

My question to you is If Prince put his songs and other assets in an LLC would this be a means for having those assets free from the probate process?

If he had shareholders in the LLC would they not receive dividends from the earnings of the songs and whatever other assets are in the LLC?

If Prince is the sole owner of the LLC it would go into Probate.

You dont really believe Prince would give ownership of all his material to someone else, do you?

If he had shareholders it would depend on what the Operating Agreement terms were as to whether they would get dividends and/or earnings. It would also depend on the Operating Agreement as to what would go into Probate upon his death.

Okay but we don't know if he is the sole owner and you can structure the LLC so shareholders are silent members.

See the info below. Could it be that the LLC is manager-operated. With Pheadra and Prince having been the managers? Could others be treated like the kids desribed in the article below.

--

LLCs give you control

An LLC is incredibly flexible. You can structure the ownership, the management, and the profit allocations pretty much however you want by specifying these things in the company’s operating agreement. Your LLC can be either member-managed, where all partners share equal control of the day-to-day affairs, or manager-managed, where one or a few people (who don’t make up 100 percent of the partners) make managerial decisions. LLCs for estate planning are commonly manager-managed LLCs, with the parents taking the role of managing partners and the kids as nonmanaging (silent) partners. This way, as the LLC is transferred to the children, the parents can still manage the assets even if they no longer own the LLC.

If he was the sole owner of the LLC why was the Purple rain house pulled from the sale. Remember the LLC owns the Purple Rain house Why is Paisley Park and some of the commercial properties not being sold? Who owns the deed to Paisley Park and the commercial properties?

Why is Prince listed as an employee to the LLC? Why is no owner listed on the Ca and Mn state websites? Could a trust have been set up to run the LLC?

laurarichardson said:

If he was the sole owner of the LLC why was the Purple rain house pulled from the sale. Remember the LLC owns the Purple Rain house Why is Paisley Park and some of the commercial properties not being sold? Who owns the deed to Paisley Park and the commercial properties?

Why is Prince listed as an employee to the LLC? Why is no owner listed on the Ca and Mn state websites? Could a trust have been set up to run the LLC?

As I told you before, if you are the owner of the LLC you are also an employee of the LLC.

****Warning, the statement below is not for the sensitive****






















Prince Items to Go on Auction Block in November


An upcoming auction will give you a chance to own a piece of Prince history.

Next month, Julien's Auctions will put items celebrating Prince's life and career up for bid.

The memorabilia includes specially made jackets, shoes, a purple microphone, jewelry and a guitar.

The auction will take place Nov. 5 in Los Angeles but there's also an option to view and bid online.

As Administrators doesn't Bremer have the control to keep or sell properties of their choosing?

Everyone had a fit (family too) over PP so they pulled it. When they realized that the purple house

was a property owned, I'm betting they thought historical site? Maybe it doesn't have anything to do

with the LLC??

morningsong said:

****Warning, the statement below is not for the sensitive****






















Prince Items to Go on Auction Block in November


An upcoming auction will give you a chance to own a piece of Prince history.

Next month, Julien's Auctions will put items celebrating Prince's life and career up for bid.

The memorabilia includes specially made jackets, shoes, a purple microphone, jewelry and a guitar.

The auction will take place Nov. 5 in Los Angeles but there's also an option to view and bid online.

OMG surely they can't be serious. Who is doing this?? The family??

zenarose said:

morningsong said:

****Warning, the statement below is not for the sensitive****






















Prince Items to Go on Auction Block in November


An upcoming auction will give you a chance to own a piece of Prince history.

Next month, Julien's Auctions will put items celebrating Prince's life and career up for bid.

The memorabilia includes specially made jackets, shoes, a purple microphone, jewelry and a guitar.

The auction will take place Nov. 5 in Los Angeles but there's also an option to view and bid online.

OMG surely they can't be serious. Who is doing this?? The family??

I don't think so. I've seen what looks like a few various places doing the same thing online.

nelcp777 said:

laurarichardson said:

The only things locked in Probate are the properties listed to be sold and whatever liquid assest he had. We still have not seen a final accounting so we do not know how liquid he was.

The only problem I see is the Duane Spawn as they are holding things up. It is not that hard to sell property, total liablitites and assests and pay bills.

Also remember his family members live in some of those homes so they will have to buy them from the estate which better than having them in the LLC.

Could the homes not be part of their % of the estate? The fair market value of the homes could be used as a percentage. Instead of receiving cash, the homes value offset the cash to be received?

Duane's offspring is the major setback/hurdle. Personally, I think the Simon's claim should be dismissed due to the late filing. Sounds cold, but come on, it is friggin' Prince. Ignorance is not an excuse to law.

If Duane's offspring are ruled heirs, that will lower the % of distribution, but also can create more trouble down the road. If they do not agree with the decisions of the music, PP, etc, that tie the estate up longer in the system. More money. More time.

I think the siblings should be looking into a contigency plan just in case they are ruled heirs.

Could the homes not be part of their % of the estate? The fair market value of the homes could be used as a percentage. Instead of receiving cash, the homes value offset the cash to be received?

I would not be surprised if something like this is not being worked out for the sibs. It is Real Estate is can be worked out.

RE: Reply #222

WOW.... JUST.... WOW

[Edited 10/11/16 12:50pm]

[Edited 10/11/16 12:50pm]

zenarose said:

As Administrators doesn't Bremer have the control to keep or sell properties of their choosing?

Everyone had a fit (family too) over PP so they pulled it. When they realized that the purple house

was a property owned, I'm betting they thought historical site? Maybe it doesn't have anything to do

with the LLC??

The Purple Rain house is owned by the LLC it depends on how the LLC was set up. My understanding if Prince was the sole owner the LLC would be a part of the Estate however you can set up the LLC to transfer ownership and you can have manager/partners and silent shareholders. Loads of ways for the LLC to not be a part of the estate.

The only thing that would seal it for me if the properties that are not being sold are found to be owned by the LLC and I still wonder what Londell role is in this. He literally showed up the day P died. What is Phedra and Van Jones role. Why is Van on the list to receive doc concerning the case.

[Edited 10/11/16 12:52pm]

morningsong said:

zenarose said:

OMG surely they can't be serious. Who is doing this?? The family??

I don't think so. I've seen what looks like a few various places doing the same thing online.

Some of this stuff was on other auction sites before P died. I belive the guitar and acetape are from Owen Hunsey.

The awards could belong to members of his band or anyone that worked on the records. Some of the stuff is junk and did not move on E-Bay.

laurarichardson said:

zenarose said:

As Administrators doesn't Bremer have the control to keep or sell properties of their choosing?

Everyone had a fit (family too) over PP so they pulled it. When they realized that the purple house

was a property owned, I'm betting they thought historical site? Maybe it doesn't have anything to do

with the LLC??

The Purple Rain house is owned by the LLC it depends on how the LLC was set up. My understanding if Prince was the sole owner the LLC would be a part of the Estate however you can set up the LLC to transfer ownership and you can have manager/partners and silent shareholders. A trust can even own the LLC. Loads of ways for the LLC to not be a part of the estate.

The only thing that would seal it for me if the properties that are not being sold are found to be owned by the LLC and I still wonder what Londell role is in this. He literally showed up the day P died. What is Phedra and Van Jones role. Why is Van on the list to receive doc concerning the case.

[Edited 10/11/16 12:52pm]

laurarichardson said:

zenarose said:

As Administrators doesn't Bremer have the control to keep or sell properties of their choosing?

Everyone had a fit (family too) over PP so they pulled it. When they realized that the purple house

was a property owned, I'm betting they thought historical site? Maybe it doesn't have anything to do

with the LLC??

The Purple Rain house is owned by the LLC it depends on how the LLC was set up. My understanding if Prince was the sole owner the LLC would be a part of the Estate however you can set up the LLC to transfer ownership and you can have manager/partners and silent shareholders. Loads of ways for the LLC to not be a part of the estate.

The only thing that would seal it for me if the properties that are not being sold are found to be owned by the LLC and I still wonder what Londell role is in this. He literally showed up the day P died. What is Phedra and Van Jones role. Why is Van on the list to receive doc concerning the case.

[Edited 10/11/16 12:52pm]

It was explained to me that Van still represents OB in some capacity. I have not found a withdrawal from him in my research. OB has pulled in more Lawyers though. So it stands to reason that he would still be on the mailing list.

[Edited 10/11/16 12:58pm]

ISaidLifeIsJustAGame said:

laurarichardson said:

If he was the sole owner of the LLC why was the Purple rain house pulled from the sale. Remember the LLC owns the Purple Rain house Why is Paisley Park and some of the commercial properties not being sold? Who owns the deed to Paisley Park and the commercial properties?

Why is Prince listed as an employee to the LLC? Why is no owner listed on the Ca and Mn state websites? Could a trust have been set up to run the LLC?

As I told you before, if you are the owner of the LLC you are also an employee of the LLC.

And I have asked if you if any docs are showing him as the sole owner? You can also have ownership transfered upon death depending on how things are set up.

No owner is listed on the state websites.

laurarichardson said:

ISaidLifeIsJustAGame said:

As I told you before, if you are the owner of the LLC you are also an employee of the LLC.

And I have asked if you if any docs are showing him as the sole owner? You can also have ownership transfered upon death depending on how things are set up.

No owner is listed on the state websites.

Listen....Prince would not start an LLC unless he was the owner. This is the only reason why you would start an LLC. The only reason. You dont start an LLC unless you are the owner.

Phaedra is not an attorney.

Londell was appointed by the Court as an expert.

ISaidLifeIsJustAGame said:

I owned a business several years ago. We had to start a company in our name and for tax purposes and protection we were advised by an Attorney to set it up as an LLC. I was the Store Manager and had several employees. I was listed as an employee (MGR) and so was my x-husband (emp). So Phaedra is the Manger of the LLC. (an employee) P was employed also I'm guessing at least as a songwriter (?) But you can own the company and still be shown as an employee. Does that make sense?

zenarose said:

I owned a business several years ago. We had to start a company in our name and for tax purposes and protection we were advised by an Attorney to set it up as an LLC. I was the Store Manager and had several employees. I was listed as an employee (MGR) and so was my x-husband (emp). So Phaedra is the Manger of the LLC. (an employee) P was employed also I'm guessing at least as a songwriter (?) But you can own the company and still be shown as an employee. Does that make sense?

Yes. I own an S Corp, and when I did it full time, I was listed as an employee. I was the only one who owned shares, though others were listed as officers.

As I remember it, the IRS doesn't like owners taking out too much in dividends. If you need money to live, you take out the salary you need and the dividends are extra. I don't know if I'm making sense at all since it's been over 10 years now, but only taking dividends when you actually work for the corporation is not kosher...or is a red flag for an audit or something. So, it makes sense that he's an employee.

zenarose said:

teach49 said:

teach49 said:

zenarose said:

I owned a business several years ago. We had to start a company in our name and for tax purposes and protection we were advised by an Attorney to set it up as an LLC. I was the Store Manager and had several employees. I was listed as an employee (MGR) and so was my x-husband (emp). So Phaedra is the Manger of the LLC. (an employee) P was employed also I'm guessing at least as a songwriter (?) But you can own the company and still be shown as an employee. Does that make sense?

Yes. I own an S Corp, and when I did it full time, I was listed as an employee. I was the only one who owned shares, though others were listed as officers.

As I remember it, the IRS doesn't like owners taking out too much in dividends. If you need money to live, you take out the salary you need and the dividends are extra. I don't know if I'm making sense at all since it's been over 10 years now, but only taking dividends when you actually work for the corporation is not kosher...or is a red flag for an audit or something. So, it makes sense that he's an employee.

Right.I took a monthly draw. I'm not really well versed even now. Thank goodness I had a great Lawyer!!

I didn't go back and read evey post of this thread, so forgive me if this is a repeat. The below links allow you to search for businesses in Minnesota and California. Enter NPG Music and select Limited Liability Corporation (if necessary) The results give you very basic information. You can order documents, but I'm not sure what info would be included.

.

https://mblsportal.sos.st...BeginsWith

.

http://kepler.sos.ca.gov/

tmo1965 said:

I didn't go back and read evey post of this thread, so forgive me if this is a repeat. The below links allow you to search for businesses in Minnesota and California. Enter NPG Music and select Limited Liability Corporation (if necessary) The results give you very basic information. You can order documents, but I'm not sure what info would be included.

.

https://mblsportal.sos.st...BeginsWith

.

http://kepler.sos.ca.gov/

The registered office for the California document (foreign) is Capitol Lien. https://www.capitollien.com/services

No idea if that is SOP or different. The domestic address is PP. Everything is due to renew in December. The California LLC were regsitered in 2014. The MN in 2015. He should have lived to move into this new phase of life...seems he was putting the framework in place, cultivating new talent perhaps to bring into NPG...

I am inclined to believe that the LLC is not tied to Estate planning. I believe it was designed for Prince to manage his rights and control his assets. I get the vibe Prince was looking more long term, how he can manage his music with minimal overhead. He had learned the nature of the business and seemed to be heading into alternative methods of control and revenue.