Asked in Business Law
What is an operating agreement?
Typically this is for an LLC to spell out who owns what. For Example, in a corporation ownership is determined by who owns what shares, if there are 100 shares and you own all of them then you own 100% of the company. In an LLC, owners are referred to as "members" and they own a percentage of the LLC. Since the State does not ask who owns what percent, an llc operating agreement states which members own the percentage(s) of the...
Asked in Deeds and Ownership
Who owns the property of a llc?
A Limited Liability Company is a form of business that combines elements of both corporate structure and partnerships. It owns property like a company in the name of the LLC. Generally, an LLC owns real property that generates profits such as apartments, shopping malls or businesses. The owners are called members and each owns a share in the profits. Purchasers of property owned by an LLC will require a Certificate that confirms the legal existence of the LLC and a Certificate that...