My City Builders forms real estate LLC, owns 98% initial stake, with two individual members

My City Builders, Inc.

Subsidiary RAC contributed $98 for 98% interest; Gillen and Colvard each contributed $1 for 1%.
LLC named RAC Gadsden, LLC, formed in Alabama for property purchase, improvement, and sale.
Additional capital calls require majority vote; members contribute pro rata per ownership.
Profits and losses allocated according to membership interest ratios.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

My City Builders, Inc. entered into Limited Liability Company Agreement with Frank Gillen and Michael Colvard (effective 2023-03-27).

Action: entry
Counterparty: Frank Gillen and Michael Colvard
Effective: 2023-03-27

Exact text from the filing

On March 27, 2023, RAC Real Estate Acquisition Corp., a wholly owned subsidiary of My City Builders, Inc., (“ RAC ”) entered into a Limited Liability Company Agreement dated effective March 27, 2023, (the “ Agreement ”) with, Frank Gillen, an individual (“ Mr. Gillen ”) and Michael Colvard, an individual (“ Mr. Colvard ”).

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My City Builders, Inc. filing history →

Source: SEC EDGAR

accession 0001640334-23-000910

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