A few questions while filling out the Articles of Organization though:
In the Articles of Organization, what’s the difference between a member managed and a manager managed company? I see that members must vote in the managers, but why is that even an option? Maybe when a company is founded by people who don’t think they can manage their own company and vote in a manager? I would assume it’d make more sense to be a member-managed company when I’m by myself. But, I would also assume since I’m by myself, I could be manager managed and vote myself as the manager? What’s the advantage of a manager-managed company? I didn’t read the whole chapter, but from what I saw it’s not clear.
Also in the Art of Org, section 7, why would you choose to be held liable for the debts? What’s that section about? That’s kind of the whole idea behind an LLC right? I know I can be held liable anyway and I don’t intend to be out of good faith, but I don’t think I’ll check a box on a form that bypasses the advantages of being an LLC.
Can’t find anything on google about these.
If you reply or PM me, I won’t hold you liable for anything related to the comments you make relative to this post.
I had a lawyer do it all and I am glad I did. I don;t think it is very difficult, but it is something that needs to be correct. i just told him teh name I wanted and my info and he did all the rest, including getting the federal ID #. I beleive it was $465.00. I received a package that included teh following:
1.Atorney letter
2.Operation agreement
3.Articles of orginazation
4.Certificate of Existance
5.Promissory notes
6.Certificate of Autority
7.Bill of Sale
8.Assignment of COntract
9.Mediation and Arbitartion rules
10.Tax documents
CD with Documents 5 thru 8 in Word
Don’t know if that helped, but it saved me a lot of time and everything was nice and neat when it was done. I was working while he did this so it was nice not to have to worry about it.
I had Mason D. Salisbury do mine. His number is 843-723-4519.
Thanks for the reply! I’m not sure I need all of that right now but it is a good list to go after just to make sure.
What kind of business are you in, how did you structure it and how long have you been LLC’d? Based on your list, my guess is you are actually from outside of SC and doing business as a Foreign LLC with some partners.
What is the Attorney letter about? Have you used it? I can’t find this idea anywhere on the web.
Same with the Certificate of Existance, have you had to use it? I see how to get it and what it is, but why have it? It seems to be included in what is returned when you file Articles of Organization along with the certified copy of the AofO.
Mediation and Arbitration rules? Is that for within your company or something that governs your relationship with those you are dealing with?
Tax docs? Like 1099’s and W-2’s? I wonder what else?
I think you’ve made me think I should meet with an attorney. I was trying to hold out until I got to something that wasn’t clear or right before I started conducting business, but maybe this is the point.
I’m just trying to manage a couple of rental properties for some folks. I have a couple of my own and get asked to do it for others a lot, I just haven’t because of the whole license thing. I’ll finish those requirements this week and need to get my company established.
The main purpose of a LLC isn’t to shield you from debt, but to shield personal assets from potential liabilities.
The guide service was structured as an LLC. If someone got hurt I din’t want them to be able to come after my house and retirement. A signed liability waiver and a $1M umbrella policy made me sleep better at night.
