Re:Delaware bill (HB 121) to allow corporations to vote in e...
by count on Thursday June 22, 2023 @09:59AM
(#36432281)
That was where I was going - a property jointly and severally owned by say, 8000 LLCs.
Re:Delaware bill (HB 121) to allow corporations to vote in e...
by mindslight on Thursday June 22, 2023 @12:14PM
(#36434419)
Another option would be subdividing a piece of real estate. Zoning approvals are generally needed to create buildable lots. But depending on what the registry of deeds will let you record [0], you could divide the area into tiny individual parcels, each singularly owned.
Of course if you did any of these hacks "at scale" I'd imagine the city would balk, court case, judge not finding equity in your hack, etc. The goal is pointing out perverse incentives that will inevitably crop up inadvertently, unless the bill diligently accounts for the new weird legal contours it'd create.
[0] I'm assuming that ownership being recorded would be required to register to vote, as opposed to a voter registration being allowed to say "trust me I own real estate in this city via unrecorded deed"
Then what about three different LLCs that each own 33% of a piece of real estate?
Then what about multiple series of a series LLC jointly owning a property? The individual series of a Delaware Series LLC do not need to be recorded in the articles of organization or registered anywhere else [0]. So you can create one series LLC and then unilaterally create an infinite number of distinct legal entities, each owning a small share of some real estate. Surely each series can't get its own whole vote.
[0] by my quick skimming of the bill the entity would have to be registered in the city's list of voters. No idea if there is a fee for an entity registering to vote, or whether the city could legally balk if you showed up with a stack of ten thousand voter registrations.