A corporate agreement is an agreement for the members of your LLC that defines the financial and operational management of the LLC. Notifications – All notifications to members are sent to the address printed in the company agreement. It is recommended to complete all notifications by registered letter. In addition, before creating an LLC, you must first determine the number of members who will participate in the company and choose one of the corresponding company agreements: 21. The need for general liability insurance, non-life insurance, Keyman life and disability insurance and other insurance coverage related to the business and its activities is mutually agreed upon by the partners. The company agreement can also specify who can sign contracts on behalf of the company and what methods are used to resolve disputes. If there are any changes or modifications to be made to this Agreement, ensure that there are sufficient rules so that no party can make changes without the agreement of the majority or all members. Hello, Samantha, thank you for the kind words. And I`m glad our site was so helpful. Before I deal with the theme Manager-managed vs. Member-managed, I would just like to add a note saying that she is the organizer LLC and that she keeps your documentation in order. Since you are the one making the LLC for your son, you are the organizer of the LLC and sign the Organization`s California Articles.
Your son`s name is not on the organization`s by-articles because California does not require member information in this form. So, after signing as an organizer and approving the LLC, you can sign a statement from the LLC organizer instead of the organizing meeting, resign as an LLC organizer, and appoint your son as a member. In addition, your son should sign an LLC company agreement. When it comes to Manager-Managed vs Member-managed, I think you could go both ways. You can choose to manage the LLC as a manager in the organization`s by-articles. Then sign a manager-managed company agreement in which your son appoints you as manager. Thereafter, you are the only one entitled to bind the LLC to contracts and agreements. . . .