Hello, Samantha, thank you for the kind words. And I`m glad our site was so helpful. Before I get into the theme managed by managers, I would just add a note on how to be the LLC organizer and keep your documentation in order. Since you form the LLC for your son, you will be the organizer of LLC and will sign the Articles of the Organization of California. Your son`s name is not in the statutes because California does not ask for the member`s information on this form. Thus, after you sign as an organizer and as an LLC, you can sign an LLC Organizer statement in Lieu of Organization Meeting, resign as an LLC organizer and appoint your son as a member. In addition, your son should sign an LLC operating contract. In terms of managing the administration of e.V. Member-Managed, I think you could go both ways. You can choose that the LLC be managed as a manager in the statutes. Then sign a company agreement managed by managers, in which your son appoints you manager. After that, you are the only one empowered to engage the LLC in contracts and agreements.
In other words, you will be the only one who can act on behalf of 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, because there is none). However, I think a simpler option is only a member-run LLC, where your son is known as a member of management. It has full authority and the right to engage the LLC in contracts and agreements. However, you can simply be a “consultant” or an independent contractor and you are doing what you are already doing. Supervise and manage until your son has enough experience and maturity to take care of himself. You might have an agreement like this orally, but it`s best to spell it in writing. And you could include this language in LLC`s operating contract. Hope that helps bring a little more clarity.
The enterprise agreement can also determine who is able to sign contracts on behalf of the company and dispute resolution methods. Do you need to establish an LLC enterprise agreement, but not be sure where to start? With all the models and documents online, it can be confusing what you should use. Are they up to date? Who created it? Are they state-specific? However, if you need to make complex changes (for example.B. one member buys another member`s interest or you decide to increase financing from investors), it is best to hire a lawyer. Changes like these can have negative legal and tax consequences if they are poorly implemented. While our general corporate LLC agreement is comprehensive and easy to modify, we also offer user-friendly business agreement models for certain types of LLC: Key Takeaway: An LLC Operating Agreement is an internal document that describes the sharing of ownership, operation, management and financing of an LLC among its members. An enterprise agreement is an agreement for your LLC members that defines how the LLC is managed both financially and operationally.