Posted by Phyllis on August 29, 2003 at 16:44:18:
Brent,
Thanks so much for your comments. I’m very new at this and appreciate your taking the time to respond. Your email was very helpful.
Member/Manager/Manager LLC - Posted by Phyllis
Posted by Phyllis on August 28, 2003 at 06:50:07:
In the process of starting an LLC. If I am the only member/manager and have a manager who is not a member, is the manager an employee and does this involve providing employee benefits, etc.? I have someone who is willing to do the management for experience only. Is this possible? Lawful?
Re: Member/Manager/Manager LLC - Posted by Brent_IL
Posted by Brent_IL on August 29, 2003 at 05:17:12:
The operating agreement that you write is what makes or breaks a LLC.
The LLC can legally accept the management services of a volunteer. There doesn’t have to be am offer of employment or benefits involved. However, the LLC will be responsible for his actions. If you considering the use of a LLC for CRE investing, it?s probably a good idea to get legal help when setting things up. You can bring up this situation at that time. Check with the insurance guy, too.
We have Managers who are not Members, Members who are managers, and Members who are not Managers.