Some states, including Delaware, California, New York, Maine, or Missouri, require you to have an LLC enterprise agreement. Policies vary from state to state, but even if you don`t have a legal obligation to have one, it`s still a good idea to make a written agreement outlining the activity. Any state will say you should, but guess what? Almost every state law states that non-compliance with LLC enterprise agreements for your LLC does not cause you to lose your liability protection. We have not yet seen a real public authority ask you to maintain an LLC company agreement. Hello, I would say yes. Because when I went to open my commercial bank account. They asked me to have a company agreement, and they said it had to be notarized. In my case, the bank I work with was also able to certify notary for me. I think a lot of banks offer this service. Even though I`m dealing with contracts abroad and things like opening an outside office abroad. They still want a notarized organization contract.
I guess you should go 2 and have it certified by a notary. It doesn`t cost much and it doesn`t take much time and I think it would also protect you if you ever need it for legal purposes. But I do not master these things and I can only share my experience. I hope it helps, or that the pros can answer for you soon. If there are any changes or modifications to be made to this Agreement, ensure that there are sufficient rules so that no party can make changes without the agreement of the majority or all members. Yes, absolutely, especially if you have multiple members. Even if the state doesn`t require it, it would be ridiculous to create an LLC with another person without having an LLC enterprise agreement that you both agree on. Company agreements define how to handle disagreements, money, and technical issues such as the right of pre-emption – things that will shape the future of your business. If you`re going to do business with another person, there`s a good chance you`ll have to separate at some point. The company agreement between you will be that describes how the separation will take place.
While it`s less common, it can also be helpful to include the following provisions in your company agreement. Hello, Samantha, thank you for the kind words. And I`m glad our site was so helpful. Before I look at the theme manager-managed vs. Member-managed, I would just like to add a note that is the organizer LLC and that it keeps your documentation in order. Since you are the one making the LLC for your son, you are the organizer of the LLC and sign the Organization`s California Articles. Your son`s name is not on the organization`s by-articles because California does not require member information in this form. So, after signing as an organizer and approving the LLC, you can sign a statement from the LLC organizer instead of the organizing meeting, resign as an LLC organizer, and appoint your son as a member. In addition, your son should sign an LLC company agreement. When it comes to Manager-Managed vs Member-managed, I think you could go both ways.
You can choose to manage the LLC as a manager in the organization`s by-articles. Then sign a manager-managed company agreement in which your son appoints you as manager. Thereafter, you are the only one entitled to bind the LLC to contracts and agreements. In other words, only you will be able to act on behalf of the LLC. However, your son, who is a member, has the power to remove you as a manager, because he is the only member (and does not need the agreement of other members, since there is none). . . .