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I'm just trying to see if there are any significant Optional…

I'm just trying to...

I'm just trying to see if there are any significant Optional Provisions I should include when forming my LLC.

Lawyer's Assistant: Can you tell me what state the LLC is registered in?

Oregon

Lawyer's Assistant: Has anything been officially filed? If so, what?

No

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Customer reply replied 7 months ago
I intend to hire undergrads for a Game Dev Company using percentage of company shares as compensation for their work.
Answered in 10 minutes by:
1/17/2018
Thelawman2
Thelawman2, Attorney
Category: Business Law
Satisfied Customers: 2,540
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Hello, my name is ***** ***** I will be helping you today.

What you might want to include is a provision relating to classes of securities, in particular, those that are voting vs. non-voting shares. And to keep control of your company, you might want to issue to undergrads non-voting shares as compensation. Additionally, you might want to include provisions related to the restriction of transfer of stock such that a person does not begin buying shares of your company and obtain a majority share.

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Customer reply replied 7 months ago
Can you give me documentation reference which pertains to such? I.E. ORS XX.XXX-xx.xxx etc..

ORS 60.131 deals with different types of authorized shares.

ORS 60.167 deals with restrictions on transfer of stock.

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I hope this has been helpful. If so, please provide a positive rating so I get credit for helping you today!

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Customer reply replied 7 months ago
How might I go about stating that I wish to including these provisions when I file? Those appear to apply to Corporations and not LLC's as I'm forming..?

An LLC is a corporation. And you would include these provisions either in your by-laws or in your articles of incorporation.

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Customer reply replied 7 months ago
The Articles of Incorporation.. as of now, that's what I'm currently working on filing.
Customer reply replied 7 months ago
as in the image I sent, it is just an entry box at the bottom of the web page.

Right, so you would type out provisions related to those two topics if you wanted to include them.

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Customer reply replied 7 months ago
I was just reading on a couple articles online, bizfluent.com states that "Fill in optional provisions that apply to your LLC. For instance, some LLCs are “manager managed” meaning that regular members do not receive certain privileges (such as voting rights). Articles of Organization contain articles (typically near the end) for these provisions." I did state earlier while filling out the information that it is to be "Manager-managed" and have both myself, and my partner as managers.. would this cover such a topic sufficiently?
Customer reply replied 7 months ago
Or should I explicitly state that we will be using two separate classifications of shares; In addition to the statement of "manager-managed?"

You should be explicit

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I hope this has been helpful, but I must sign off now due to the time. Should you have any additional questions, feel free to come back in the future.

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Customer reply replied 7 months ago
Alright, just my last question then, is it safe to speak in very clear but mostly simple "laymen's" terms I.E. "This LLC '_____ Games LLC' intends to use two classifications of shares, one classification is to be used as non-voting shares, payable to members as compensation for their work as defined in [some agreement about wages] in reference to ORS 60.131 and ORS 60.167. And the second to be used as voting shares." or is there a proper format to go by when stating such a provision?

One second

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This is a template to use:

The Corporation is authorized to issue a total of [one/NUMBER] share[s] of common stock with a par value of $0.01 per share. ("Common Stock").] Except as otherwise provided in accordance with these Articles of Incorporation, the Common Stock shall have unlimited voting rights, with each share being entitled to one vote, and the rights to receive the net assets of the Corporation upon dissolution, with each share participating on a pro rata basis.

The Corporation is authorized to issue a total of [NUMBER] shares of Class B Securities with with no par value. Class B Securities shall have no voting rights with respect to the LLC.

Thelawman2
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Customer reply replied 7 months ago
Alright. I appreciate the help. You should suggest also, to the web developers, an option for tipping.. although I don't want to pay $59 for a call, I would certainly like to be able to offer slightly more than I have. You've been very helpful. :) I'll recommend the site to friends. Thanks for your time!

When you provide a positive rating, there is an option for tipping, which would be greatly appreciated!

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Customer reply replied 7 months ago
It actually keeps telling my that I've entered the wrong card number.. O.O I even went and reentered it in my account settings. You may want to make mention to the tech crew.
Customer reply replied 7 months ago
Okay disregard, I think I got it ;) good day!
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