Adding Additional Members To LLC??
I am thinking about setting up an LLC to do my deals through...however, I currently do not have a partner yet, which I will want as a memeber of my LLC. Is it difficult or even possible to add a member after I file my articles of organization? Thanks for your input.
bump
It's not difficult at all, just a matter of paperwork.
When using an llc think in terms of percentage of ownership. You will then be giving the second person x% ownership in the business
Thank you...That answers my question.
I have an LLC that I use to hold my rental property. I was thinking of adding another member to my LLC a while ago and my attorney said it would take a lot of his time, therefore cost quite a bit of money. I don't know if he was just trying to get money out of me (I don't use him any more), but he suggested that we use a partner agreement that would be SPECIFIC to each deal. This would be much more cost effective.
Its at least something to think about!
Matt
hmmm... that is an interesting idea. I probably wont use an attorney to set up my LLC anyhow. It is too easy to do myself (as long as there are no other partners). All I have to do is fill out my Articles of Org. and mail it with a $40 check to dept. of fin.
Even if I were to add a partner at inception of the original Articles, all I have to do is add their name on the line in the form. It is easy as pie. I think your lawyer was just tryin to milk you for $$. Good thing you ditched him!
Check out nolo's website for great info on how to form an LLC. This is how I learned.