Draft Operating Agreement in New York for Marketing & Advertising Business
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in New York for Marketing & Advertising Business.
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Can you explain and help with the process of dividing the LLC into 99% and 1%?
I would like to make my dad a 1% owner in the company In order to have an LLC in PA under the age of 18. Me being 17, I would like to create an LLC so that I can function and be fully legal and transparent to the state of PA. I need more specific 1 on 1 guidance on how I can fully make this possible. Any information helps, thank you.
Answered Mar 3, 2021
Hi. This is a difficult question in terms of application and practicality. There is nothing in the LLC laws that prevent a minor from owning an LLC in Pennsylvania. However, the minor may not have capacity to sign a binding agreement such as the documents necessary to create an LLC. More than likely an option to consider may be to have a parent form the LLC and grant the minor an ownership interest through an operating agreement. However, each situation may be different and I urge you to contact legal counsel to discuss your specific circumstances.
Hi, a friend and I plan to register an LLC together. We would like to purchase rental units which would be owned by this LLC, and would like to have an operating agreement between us under this LLC. What do we need to know, and who should we talk to?
Answered Mar 3, 2021
You will need to know what the equity split will be, and if it is 50/50, how will you manage tie votes. How will profits and losses be allocated? How will the LLC be managed? What happens if one of you wants to sell to a third party or leave the LLC?