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Recent Operating Agreement questions

I am a member in a NY LLC. The operating agreement says I am

I am a member in a NY LLC. The operating agreement says I am responsible for "development of [certain] software" and that this is an unpaid position, with no specific obligation of time. I have supported myself through project-based consulting work for the LLC's customers.I recently agreed to a letter from the LLC saying I would be paid $x as Guaranteed Payments on a K-1. It stated my "positions" (exact word) as "head of software development" and "head of consulting". No mention of time commitment. No definition of the positions here or in the operating agreement.My question is: What time effort am I obligated to put in? I am having a disagreement with my partners on various other issues and don't want to make a specific commitment of time.

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Richard - Bizlaw

Juris Doctor

10,860 satisfied customers
We spoke earlier about my currently non-profit website which

Hello, we spoke earlier about my currently non-profit website which I want to get liability protection on. You suggested keeping the finances separate. I think I found one way to do it, without opening a bank account in the first year. Could you please give your opinion on the folllowing, in the sense if I take the following steps, will I have my separate entity veil fort the LLC1. I set up a (Wyoming) LLC in Feb 20172. In my operating agreement I mention "first year's operation will be funded by its single member advancing website costs as his investment"3. In 2017, I spend $100 on the web-site4. In 2018 when I file my Personal taxes, I note in Schedule C that my LLC had $100 invested and $100 expenses combining to zerothank you

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Phillips Esq.

Attorney

Juris Doctor

20,698 satisfied customers
Thanks! just to recapitulate 1. I set up a (Wyoming) LLC in

thanks Richard!just to recapitulate1. I set up a (Wyoming) LLC in Feb 20172. In my operating agreement I mention "first year's operation will be funded by its single member advancing website costs as his investment"3. I do nothing in 2017, except somewhere in a notebook recording my expenses on the website4. In 2018 when I file my Personal taxes, I note the website expenses in Schedule CDoes the above sound correct ?You mention "You would account for your expenditures on behalf of your website as your investment and the expenditures as expenses of the LLC", I am confused about the"and the expenditures as expenses of the LLC" part. Where would I mention those, in a separate business tax form ?

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Richard - Bizlaw

Juris Doctor

10,860 satisfied customers
I have an LLC. my business partner and I are 50/50 owners.

I have an LLC. my business partner and I are 50/50 owners. He has done zero to work on the business. I have put some money into it and developed a website but it has not launched yet and I haven't put the website in the company name yet. But I have done all the work and expended some money while my partner has done nothing. No work, no money. The operating agreement won't let me kick him out because it requires a majority vote. Can I just start up a new company without him and let the old LLC die because no one is working it?

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KJLLAW

Juris Doctorate

1,942 satisfied customers
Im a member of an LLC in michigan looking to buy out the

Im a member of an LLC in michigan looking to buy out the other member with business funds. is this leagal? and what documentation do i need. we have no operating agreement but are in agreement on buyout terms anyway.JA: Can you tell me what state the LLC is registered in?Customer: MichiganJA: Has anything been filed or reported?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: Yes, Can a buyout be structured with partial payment in cash and part in physical assets?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

114,224 satisfied customers
I was assigned the Operating Manager for our LLC when we

I was assigned the Operating Manager for our LLC when we incorporated it but my husband, the true managing member has always been the owner of the LLC and been running it. Can we just do a resignation of operating manager and a new assignment of operating manager without having to change the Articles of Organization? Hisname appears no where on Articles of Org. only mine as Operating Manager, however he has always signed LLC documentation as Member.

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Irwin Law

Juris Doctor JD

9,504 satisfied customers
Do you know what form I have to file with the IRS to go from

do you know what form I have to file with the IRS to go from a single member LLC to a Partnership?JA: Can you tell me what state the LLC is registered in?Customer: MissouriJA: Has anything been officially filed? If so, what?Customer: Well the business has been operational for 5 years... So yes, articles of organization, federal EIN and State sales tax licenses etc...JA: Anything else you want the lawyer to know before I connect you?Customer: no

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KJLLAW

Juris Doctorate

1,942 satisfied customers
Thank you for taking the time to read my question. My

Hello, Thank you for taking the time to read my question . My business partner 50% owner wants to brake up our LLC. He says if we do not brake the LLC and I walk away (him buying me out) he will Brake the business equipment (truck,Chipper) 20K worth of stuff he wants to destroy so they will be no longer operational. I wish to use that agents him and take control of the business. I have text massages and recored line of proof. My question is can i legally get a court for him to turn over the LLC due to his endangerment to the company?JA: Has an LLC annual report been prepared?Customer: Ys yesJA: What state are you in?Customer: ColoradoJA: Anything else you want the lawyer to know before I connect you?Customer: No thank you :)

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DrakeLAW

Juris Doctorate

1,070 satisfied customers
I have a quick question. I would like to change my companies

I have a quick question. I would like to change my companies operating agreement to add a new member effective 1/1/2016. Is that possible?JA: What state are you in? It matters because laws vary by location.Customer: TexasJA: Has anything been filed or reported?Customer: The LLC was created and filed in 2015. nothing for 2016 has been filedJA: Anything else you want the lawyer to know before I connect you?Customer: probably not.

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39,070 satisfied customers
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