Dibblekins said:

hi everyone, so on the track of the NPG Music Publishing-- I wish I understood more about estate law and business at this moment - is anyone here an expert in this? I dont know if/how an LLC would be protected from the rest of Prince's estate, unless he has appointed shareholders other than himself.

And I dont know how we could find this out, as I'm guessing this is private info, not on any public records. I checked a directory of cali businesses and while the basic details for NPG MP come up, the directory states no info such as directors etc is kept on record.

If he is the sole shareholder/owner then I'm guessing this would not be considered separately from the rest of his estate? If there are other named shareholders, given it's his publishing company for all his music, whoever they are must be centrally involved now in the negotiations over upcoming music releases. But if it's just him, then I guess it's business as usual with the estate entrusting Londell and the other guy to advise on ways forward for the music.

laurarichardson said:

.

-// Family members can prevent the long report from being released to the public I do not believe they can change information in it. I will check out the insurance info later. I can tell you that historically Africans Anericans do life insurance policies. You may not even know half the time that you are a beneficary until your relative passes away.

Not 'change', no - but ask the ME to use his / her discretion on what was included or excluded.

.

The ME clearly does have the capacity to use discretion, given their response to disch that they 'MAY' include relevant / applicable details (or may not). I was just wondering if the family of a very public figure might have some sort of influence over the scope of that discretion - especially as it seems (to the layman) that Minnesota law seems set up to be as accommodating as possible in that sense!

.

lunabelle said:

hi everyone, so on the track of the NPG Music Publishing-- I wish I understood more about estate law and business at this moment - is anyone here an expert in this? I dont know if/how an LLC would be protected from the rest of Prince's estate, unless he has appointed shareholders other than himself.

And I dont know how we could find this out, as I'm guessing this is private info, not on any public records. I checked a directory of cali businesses and while the basic details for NPG MP come up, the directory states no info such as directors etc is kept on record.

If he is the sole shareholder/owner then I'm guessing this would not be considered separately from the rest of his estate? If there are other named shareholders, given it's his publishing company for all his music, whoever they are must be centrally involved now in the negotiations over upcoming music releases. But if it's just him, then I guess it's business as usual with the estate entrusting Londell and the other guy to advise on ways forward for the music.

I really hope that there is someone who can advise on this, yes...

Dibblekins said:

lunabelle said:

hi everyone, so on the track of the NPG Music Publishing-- I wish I understood more about estate law and business at this moment - is anyone here an expert in this? I dont know if/how an LLC would be protected from the rest of Prince's estate, unless he has appointed shareholders other than himself.

And I dont know how we could find this out, as I'm guessing this is private info, not on any public records. I checked a directory of cali businesses and while the basic details for NPG MP come up, the directory states no info such as directors etc is kept on record.

If he is the sole shareholder/owner then I'm guessing this would not be considered separately from the rest of his estate? If there are other named shareholders, given it's his publishing company for all his music, whoever they are must be centrally involved now in the negotiations over upcoming music releases. But if it's just him, then I guess it's business as usual with the estate entrusting Londell and the other guy to advise on ways forward for the music.

I really hope that there is someone who can advise on this, yes...

ISAIDLIFEISJUSTAGAME and MORNINGSONG are really awesome!! Hopefully they will sign on today

and help us out.

Dibblekins said:

laurarichardson said:

-// Family members can prevent the long report from being released to the public I do not believe they can change information in it. I will check out the insurance info later. I can tell you that historically Africans Anericans do life insurance policies. You may not even know half the time that you are a beneficary until your relative passes away.

Not 'change', no - but ask the ME to use his / her discretion on what was included or excluded.

.

The ME clearly does have the capacity to use discretion, given their response to disch that they 'MAY' include relevant / applicable details (or may not). I was just wondering if the family of a very public figure might have some sort of influence over the scope of that discretion - especially as it seems (to the layman) that Minnesota law seems set up to be as accommodating as possible in that sense!

.

There are a couple of lawyers on several Prince sites on Facebook that have kept everyone up to date.

muleFunk said:

Dibblekins said:

Not 'change', no - but ask the ME to use his / her discretion on what was included or excluded.

.

The ME clearly does have the capacity to use discretion, given their response to disch that they 'MAY' include relevant / applicable details (or may not). I was just wondering if the family of a very public figure might have some sort of influence over the scope of that discretion - especially as it seems (to the layman) that Minnesota law seems set up to be as accommodating as possible in that sense!

.

There are a couple of lawyers on several Prince sites on Facebook that have kept everyone up to date.

Oooh! Anything interesting to impart, mulefunk?

Dibblekins said:

muleFunk said:

There are a couple of lawyers on several Prince sites on Facebook that have kept everyone up to date.

Oooh! Anything interesting to impart, mulefunk?

Not to me because I have a limited understanding of estates and property.

She pretty much has called everything like it happened so nothing new. It was good to have her explain the probate process to the masses because many will not have to deal with things like this until a close family member dies.

muleFunk said:

Dibblekins said:

Oooh! Anything interesting to impart, mulefunk?

Not to me because I have a limited understanding of estates and property.

She pretty much has called everything like it happened so nothing new. It was good to have her explain the probate process to the masses because many will not have to deal with things like this until a close family member dies.

It would be interesting to get a legal view of how the music is protected from the probate process by being an asset of NPG Music LLC.

lunabelle said:

hi everyone, so on the track of the NPG Music Publishing-- I wish I understood more about estate law and business at this moment - is anyone here an expert in this? I dont know if/how an LLC would be protected from the rest of Prince's estate, unless he has appointed shareholders other than himself.

And I dont know how we could find this out, as I'm guessing this is private info, not on any public records. I checked a directory of cali businesses and while the basic details for NPG MP come up, the directory states no info such as directors etc is kept on record.

If he is the sole shareholder/owner then I'm guessing this would not be considered separately from the rest of his estate? If there are other named shareholders, given it's his publishing company for all his music, whoever they are must be centrally involved now in the negotiations over upcoming music releases. But if it's just him, then I guess it's business as usual with the estate entrusting Londell and the other guy to advise on ways forward for the music.

NPG Music LLC is a private company so limited information is avalible to the public. I believe Prince made himself a shareholder/employee of the LLC. I believe his sibs are shareholders. To me this is Prince taking his copyrighted material and selling/giving it to the LLC. Prince the artist no longer owns the copyright the LLC does so how would the music be a part of the estate? I also think the transfer to the corporation may have helped him in the last two years with his taxes as any revenue from the copyrighted material would go to the corporation not to him directly.

I know that one of the properties in in the name of Love For One Another and not his name. I also wonder if they are not selling the commericial properties right now because they are bring in income and if they are in some corporation name.

zenarose said:

Dibblekins said:

I really hope that there is someone who can advise on this, yes...

ISAIDLIFEISJUSTAGAME and MORNINGSONG are really awesome!! Hopefully they will sign on today

and help us out.

I havent read Dixon's exhibits yet but PRN Music Publishing is part of the Estate. BET had to get permission from the Estate to use his likeness and songs. I doubt if there are any shareholders other than Prince. You dont think he would allow that, do you?

One of the reason LLC's are opened is to protect you individually from lawsuits in order that they cant come after your personal property if a judgment is taken against you. They can only take assets of the LLC. They are opened for tax reasons, etc.

The properties (addresses) that I searched back in May have assorted parcel owners. PRN, ect.

as well as his name.

ISaidLifeIsJustAGame said:

zenarose said:

ISAIDLIFEISJUSTAGAME and MORNINGSONG are really awesome!! Hopefully they will sign on today

and help us out.

I havent read Dixon's exhibits yet but PRN Music Publishing is part of the Estate. BET had to get permission from the Estate to use his likeness and songs. I doubt if there are any shareholders other than Prince. You dont think he would allow that, do you?

One of the reason LLC's are opened is to protect you individually from lawsuits in order that they cant come after your personal property if a judgment is taken against you. They can only take assets of the LLC. They are opened for tax reasons, etc.

I don't know...It depends on whether he had 'other reasons' for creating the company, other than protecting himself from lawsuits...

The two year time frame just seems interesting - so much seemed to 'happen' over the last two years.

ISaidLifeIsJustAGame said:

zenarose said:

ISAIDLIFEISJUSTAGAME and MORNINGSONG are really awesome!! Hopefully they will sign on today

and help us out.

I havent read Dixon's exhibits yet but PRN Music Publishing is part of the Estate. BET had to get permission from the Estate to use his likeness and songs. I doubt if there are any shareholders other than Prince. You dont think he would allow that, do you?

One of the reason LLC's are opened is to protect you individually from lawsuits in order that they cant come after your personal property if a judgment is taken against you. They can only take assets of the LLC. They are opened for tax reasons, etc.

Thanks!!!

ISaidLifeIsJustAGame said:

zenarose said:

ISAIDLIFEISJUSTAGAME and MORNINGSONG are really awesome!! Hopefully they will sign on today

and help us out.

I havent read Dixon's exhibits yet but PRN Music Publishing is part of the Estate. BET had to get permission from the Estate to use his likeness and songs. I doubt if there are any shareholders other than Prince. You dont think he would allow that, do you?

One of the reason LLC's are opened is to protect you individually from lawsuits in order that they cant come after your personal property if a judgment is taken against you. They can only take assets of the LLC. They are opened for tax reasons, etc.

This is NPG Music LLC not PRN Music Publishing. We will never know if there are other shareholders but we do know his family is moving forward with releasing material and I will bet money it will be under NPG Music which is the same entity that you see on Tidal as the license holder. Any revenue from Tidal is going into the coffers of NPG Music LLC and I will bet money this is not revenue going directly to the estate. If Prince (the person) was not the copyright holder anymore the money goes to the copyright holder. Also taxes think about how much more money he might have been bringing in if he started licensing out all of the music himself with no middlemen to pay he would have a increase in his taxes. Making himself an employee/shareholder just obtaining a salary/ would have been protection from this increase in taxes. It also would have helped with supporting his sibs who I also believed were probably paid as employees of some of these corporations he had.

[Edited 10/9/16 11:28am]

All LLC's become part of the estate.

ISaidLifeIsJustAGame said:

All LLC's become part of the estate.

Even if he his not listed as the owner? What if he is just listed as a shareholder/employee? I have a few shares in business from stock that I own. If own a few shares the entire company does not become a part of my estate when I die just the shares I own. If I am just an employee then the company I worked for does not become a part of my estate when I die. I only see Mrs. Parks listed as the VP meaing she is an employee of this LLC just like Prince could have just been an employee.

[Edited 10/9/16 11:33am]

[Edited 10/9/16 11:33am]

laurarichardson said:

ISaidLifeIsJustAGame said:

All LLC's become part of the estate.

Even if he his not listed as the owner? What if he is just listed as a shareholder/employee? I have a few shares in business from stock that I own. If own a few shares the entire company does not become a part of my estate when I die just the shares I own. If I am just an employee then the company I worked for does not become a part of my estate when I die. I only see Mrs. Parks listed as the VP meaing she is an employee of this LLC just like Prince could have just been an employee.

[Edited 10/9/16 11:33am]

[Edited 10/9/16 11:33am]

The shares you own in a business is it a LLC?

An LLC is a Limited Liability Company.

ISaidLifeIsJustAGame said:

laurarichardson said:

Even if he his not listed as the owner? What if he is just listed as a shareholder/employee? I have a few shares in business from stock that I own. If own a few shares the entire company does not become a part of my estate when I die just the shares I own. If I am just an employee then the company I worked for does not become a part of my estate when I die. I only see Mrs. Parks listed as the VP meaing she is an employee of this LLC just like Prince could have just been an employee.

[Edited 10/9/16 11:33am]

[Edited 10/9/16 11:33am]

The shares you own in a business is it a LLC?

An LLC is a Limited Liability Company.

No I own stock in publically traded companies but, we don't know if Prince was a share hold of this LLC or just an employee

[Edited 10/9/16 11:50am]

laurarichardson said:

ISaidLifeIsJustAGame said:

All LLC's become part of the estate.

Even if he his not listed as the owner? What if he is just listed as a shareholder/employee? I have a few shares in business from stock that I own. If own a few shares the entire company does not become a part of my estate when I die just the shares I own. If I am just an employee then the company I worked for does not become a part of my estate when I die. I only see Mrs. Parks listed as the VP meaing she is an employee of this LLC just like Prince could have just been an employee.

[Edited 10/9/16 11:33am]

[Edited 10/9/16 11:33am]

I dont see in the documents where it lists Parks as a Vice President.

Also, the documents attached to Dixon's exhibits all say NPG Music Publishing.

Duplicate post.

[Edited 10/9/16 11:56am]

Dibblekins said:

From what I am reading, in Minnesota, the death of an owner, or a 'member' of an LLC - if he / she is just ONE of the owners / shareholders - doesn't affect the running of the company...
.
IF Prince had stocks / shares in NPG LLC then THOSE would be distributed according to MN's intestacy laws (because Prince has no will) - but if stocks / shares are owned by others, they continue unaffected and are not considered part of the deceased member's estate.
.
Of course, this is assuming one of two things:
.
1) There were other owners / members / shareholders;

.

2) That Prince had maintained a stake in the company in the first place...Do we know if had done this?

.

laurarichardson said:

ISaidLifeIsJustAGame said:

The shares you own in a business is it a LLC?

An LLC is a Limited Liability Company.

No I own stock in publically traded companies but, we don't know if Prince was a share hold of this LLC or just an employee

[Edited 10/9/16 11:50am]

Prince is the LLC

Doesnt matter whether he is an employee.

He owns the LLC

He started the LLC

ISaidLifeIsJustAGame said:

laurarichardson said:

No I own stock in publically traded companies but, we don't know if Prince was a share hold of this LLC or just an employee

[Edited 10/9/16 11:50am]

Prince is the LLC

Doesnt matter whether he is an employee.

He owns the LLC

He started the LLC

But there can be other members of it - who might own the bulk of the stocks / shares in it and who wouldn't be subjected to the demands of a will (or MN's statute regarding an estate).

Prince could have just had a minority share in it - as little as 1%, no?

ISaidLifeIsJustAGame said:

laurarichardson said:

Even if he his not listed as the owner? What if he is just listed as a shareholder/employee? I have a few shares in business from stock that I own. If own a few shares the entire company does not become a part of my estate when I die just the shares I own. If I am just an employee then the company I worked for does not become a part of my estate when I die. I only see Mrs. Parks listed as the VP meaing she is an employee of this LLC just like Prince could have just been an employee.

[Edited 10/9/16 11:33am]

[Edited 10/9/16 11:33am]

I dont see in the documents where it lists Parks as a Vice President.

Also, the documents attached to Dixon's exhibits all say NPG Music Publishing.

She is not listed as a VP she is listed as a manager which would make her an employee.

The documents from the state say NPG Music Publishing LLC.

ISaidLifeIsJustAGame said:

laurarichardson said:

No I own stock in publically traded companies but, we don't know if Prince was a share hold of this LLC or just an employee

[Edited 10/9/16 11:50am]

Prince is the LLC

Doesnt matter whether he is an employee.

He owns the LLC

He started the LLC

But that is not what the documents we have say. We don't know if he is listed as the owner. In fact it is strange that it is not listed on the California state documents because they usually do list the owner.

What you do see is in Exhibit A under term 1 is Prince entering into employment as a writer for NPG Music Publishing LLC. Under term 2 you see the period of performance for this employement agreement. No where in this document does it say he owns the company. It is written that he is assigning all rights of his various publishing companies to NPG Music Publishing and agreening to work as a songwriter for the LLC. In my mind songwriter = employee.

Dibblekins said:

ISaidLifeIsJustAGame said:

Prince is the LLC

Doesnt matter whether he is an employee.

He owns the LLC

He started the LLC

But there can be other members of it - who might own the bulk of the stocks / shares in it and who wouldn't be subjected to the demands of a will (or MN's statute regarding an estate).

Prince could have just had a minority share in it - as little as 1%, no?

That could be but if he is not the owner of the company and was just a small shareholder or employee why would the other shareholders have their shares effected by his death.

My law practice is an LLC

I opened the LLC

I am an employee of the LLC

I own the LLC

P didnt even have a will and you think he allowed someone to own shares of his music, etc?

You think he would share his profits with someone else?

Why would he do that?

What would they be able to bring to the table monetarily for him to allow them to share in his profits?

Dibblekins said:

Dibblekins said:

From what I am reading, in Minnesota, the death of an owner, or a 'member' of an LLC - if he / she is just ONE of the owners / shareholders - doesn't affect the running of the company...
.
IF Prince had stocks / shares in NPG LLC then THOSE would be distributed according to MN's intestacy laws (because Prince has no will) - but if stocks / shares are owned by others, they continue unaffected and are not considered part of the deceased member's estate.
.
Of course, this is assuming one of two things:
.
1) There were other owners / members / shareholders;

.

2) That Prince had maintained a stake in the company in the first place...Do we know if had done this?

.

Yes, there is some information we don't know but like I said the family is saying they will have out new music by the begining of the year and someone is still collecting money from Tidal, and other music sales.

ISaidLifeIsJustAGame said:

My law practice is an LLC

I opened the LLC

I am an employee of the LLC

I own the LLC

P didnt even have a will and you think he allowed someone to own shares of his music, etc?

You think he would share his profits with someone else?

Why would he do that?

What would they be able to bring to the table monetarily for him to allow them to share in his profits?

I don't know that other people had shares in it but I know if he was dying this would be good why of getting money from the songs to his family members and not having it tied up in probate.

Do you know if P owned the LLC because he is not listed as an owner on any of the docs we have but we have exhibit A which reads as an employee/employer agreement. Was he a employee or an owner.

Are you in Minnesota?

[Edited 10/9/16 12:30pm]