My friend and I want to become co-owners of a restaurant by contributing capital
to the restaurant in return for a percentage of ownership and a split of profits. We will both also be working at the restaurant. The restaurant's owner is listed as an LLC
and the LLC is made up of two individual members. Those members want my friend and I to become co-owners in the restaurant by joining their LLC as direct partners via a non-stock LLC subscription agreement. My friend and I originally wanted to become co-owners of this restaurant by forming our own LLC and drafting a partnership
agreement with the current owners' LLC but the current owners say that by us just joining their LLC as direct partners via a subscription agreement it's an easier process becuase no escrow would be necessary, posting a notice wouldn't be necessary, and transferring the license wouldn't be necessary. I would like to know if joining their LLC as direct partners via a subscription agreement would be, like they say, the easiest way to become co-owners in the restaurant and I would really like to know the negatives associated with joining their LLC via a subscription agreement, like whether my friend and I would be liable for any lawsuits, investigations, etc brought against their LLC prior to us joining their LLC via the subscription agreement. Also, if we chose not to join their LLC via the subscription agreement, can't my friend and I become owners in the restaurant by simply amending the restaurant's Operating Agreement
and Articles of Organization to reflect my and my partner's capital contribution, the new respective ownership percentages, profit distribution, etc (and still avoid escrow, posting notices, etc this way too)?