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Couple of quick lawyer questions....

Posted by Capstern Jan 31 '13, 13:14

I had a great business idea this weekend and my buddy and I are going to drive it and get it launched in the next couple of months.

We are going to form an LLC as equal partners. Should we make some simple document stating we are equal owners and that exists seperate from the LLC papers as they dont seem related?

Thats for the umbrella org. We have 3 projects that will exist under the LLC 2 of them we will split 50/50 as owners of the company - but the 3rd project we are giving someone 10% stake in it and keeping 45% each. The person has no rights to vote on decisions on the project, but participate in 10% of the expenses or profits of anyting happening...how do you document something like that? They are gettign 10% for work performed and we are trying to figure out how you set it up on paper? (especially since its seperate from the overall LLC umbrella)

Responses:

[deleted] 8
- Planning on it but wanted to run what I said below by some people here before I tried to pay by the hour to explain :) -- nm - Capstern Jan 31, 13:23
- Exactly. -- nm - pmb Jan 31, 13:22
- and not just any lawyer, but one who is experienced in businesses. cap., there's a lot of free advice out on the internets about this stuff. - b. Jan 31, 13:20 4
  - [deleted]
  - I have read the LLC stuff but was trying to bump the idea of a company with multiple projects... - Capstern Jan 31, 13:22 2
    - I'm sure you could do it under one company (50/50) and then pay that one guy 10% of the specific project under another contract - oblique [220] Jan 31, 13:23 1
      - Yeah we are looking for a lawyer. But trying to have ducks in a row before that. Was hoping that the 3rd party thing is just a contract bewteen her - Capstern Jan 31, 13:25
- this -- nm - OAE -- aka OAE Jan 31, 13:19
each LLC should have a separate operating agreement that memorializes the intended structure and terms -- nm - charlie Jan 31, 13:16 3
- well there is only one company - but it will drive projects that may or may not have outside profit participation -- nm - Capstern Jan 31, 13:20 2
  - you still need an operating agreement for the LLC, i.e., the fuctional equivalent of Articles of Incorporation for a corp. - charlie Jan 31, 13:21 1
    - read that. Since its just us two thats easy. Do we treat the 3rd party project participation as a simple contract between the LLC and the 3rd party? -- nm - Capstern Jan 31, 13:24
it is under 18 in every state, cappie. nm -- nm - groiny Jan 31, 13:15

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Couple of quick lawyer questions....

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