Many of us have heard of the term LLC or limited liability company. It’s another form of business entity separate in a part, for example, from a corporation. We have people coming to us all the time wanting to form an LLC, or wanting to become a member of an LLC that is already formed. When that occurs, the first thing that we do if it’s an LLC that has already been formed is take a look at the LLCs operating agreement. We look at every provision of that agreement, and we also look at what state that agreement was formed under. We work with the client and with the existing LLC to amend the agreement to admit this member or possibly other members. We will ask questions about compensations, about management, about what the mission of the organization is to work with the existing LLC to amend the operating agreement to comply with what the intentions of the parties actually are.
This informational blog post was provided by Jane Gould, an experienced White Plains Employment Lawyer.