Question: Eric Wilmot and Renee Harmeau form WH Associates Properties
Eric Wilmot and Renee Harmeau form WH & Associates Properties LLP, a limited liability partnership in Rochester, Minnesota, to purchase and manage commercial and residential real estate in the Rochester area. WH & Associates owns five residential apartment buildings, the largest of which has 32 units on two floors and has a value of $3 million. WH & Associates also owns seven strip shopping centers, of which the biggest has 12 stores and a value of $6 million. The total value of all the apartment buildings and shopping centers owned by WH & Associates is $31 million. Most of the residential buildings and shopping centers have been purchased partly with loans for which the properties are collateral. To escape the harsh Minnesota winters, Wilmot wants to move his home to Jacksonville, Florida. He also wants to move WH Associates' management office to Jacksonville. In addition, he has identified a mall in Jacksonville that he wants to buy for the LLP. The mall has 32 stores, and the asking price is $29 million. To purchase the mall, Wilmot wants to borrow $27 million. Does Wilmot have the authority to move WH Associates' office, to purchase the mall, and to borrow money to fund the purchase?
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