This is where I'm stuck.. Its just me forming the LLC who will be operating and running everything and signing contracts as a real estate wholesaler/ investor.... I'm guessing SMLLC.. Your saying I can select either one, member managed or manager managed? I was going with member managed at the beginning, but then towards the end of the video you lost me... When you starting mentioning contracts... Please help!!!
@@trndstr84 I'm exactly in the same situation just like you were. So what did you choice? Since I'm the only one member and it's SMLLC, should I pick member-managed or manager-managed? What's difference?
I'm about to create an LLC in Wyoming and I will be the only one owner and only one member of this LLC. So should I add myself as a Manager and also as a Member? Does it changes anything or should I just leave these parts since I'm going to be only one owner, manager and member of this LLC? Could you please answer?
FitForChaos I do not know much about Florida LLC law, in particular, and am not licensed in Florida, so I cannot give you any real advice on your question. However, I found this document form.sunbiz.org/pdf/cr2e047.pdf which says "Use AMBR for members who are authorized to manage and control the company." Based on the information you gave me, you would probably fall under that category. However, I recommend you ask an attorney who is licensed in your state. Thank you for the comment!
Question of the day: my subsidiary is member managed (call it llc B) and the parent company is manager managed (LLC A). You can probably see why that is the case (anonymity). How do I sign for legal documents for LLC B? I am the member for A but LLC A is the member for LLC B. Thanks!
This was very helpful in understanding the difference between the two. So thank you for that! However, I'm a little confused about the part where you said that we could have "messed it up". Since the S.O.S. doesn't require you to provide your operating agreement, how would you screw up the LLC registration with the state with regard to member/ manager managed LLCs?
Colorado (and many other states) requires that to be designated on the Articles of Organization. That’s what I was referring to, not the operating agreement.
Manager managed so why bank keeps asking for SSN and dont want to separate business and hold me accountable to public and not private company and they know to not do so just to screw you
I’m just now forming my LlC and on the Colorado forms, Manager Managed is shown as the own who wants to be involved in daily operations and Member Managed is showing as the investors of the LLC. Like the form has the explanations backwards!!! So this makes it really confusing. I ended up selecting Manager Managed (since this was seen as a safe bet on your blog) and will be adjusting my Operating Agreement to address it!
Forming an LLC for 4 rentals. Want my daughters on there in case something happens to me. They have no desire to be involved. Does Member Manage make more sense? If I get hit by a bus, then all three of them can manage after Im gone. Is that correct? LOL
I'm just gonna go ahead and start commenting since youv been my favorite so far! Very informative and easy on the eyes 😁👍. Definitely saved me a few times now.
Thanks for the video. I'm starting a small Real Estate Brokerage Firm where I will be the sole owner. A fellow Virginian, and lawyer friend, gave me the blank form to use if I want to move forward as a single owner member Manager-Managed LLC. Now the question is which is best for my situation? (Important note, if it matters; I plan on being an LLC filing taxes with an S-Corp election.)
What if I run the LLC as a single manager, like you said I can vote for my own self and get elected, fine so far, but if in the near future I want to add a member, do I have to make a vote again for my selection of the chief manager? Do you get where I'm going? I hate LLCs because I think the there's too much people making "decision" and the path of the company can be affected very badly.
If im forming a single member llc but want to hire a friend or relative as a manager, do i have to fill out this information in the articles of organization as manager managed or can i fill out as member managed and simply add persons name and info that i plan on hiring in the llc's operation agreement ? Thankyou for all your videos you do a wonderful job of educating the rest of us :)
If you are hiring the person as an employee then you wouldn't want to name them in any of the LLC's formative documents. An employee is not a member or owner of the LLC, just an employee. Thank you for watching and for the great question! :-)
The Law Office of Aiden H. Kramer, LLC oh wow.. I actually do have his name on there plans were to mail in today good thing i didnt thank you very much ill change info and reprint tomorrow, your awesome! Thank you again!
Thank you very much for all of your informative videos. Very helpful in considering my own business up here in sunny Michigan. Good luck with your business.
@@allupinyobiz my apologies. I didn't understand it due to my lack of knowledge on the subject and I wasn't thinking properly when I wrote that. I have a question if u have some time. How can A person( me living in Tx) create an LLC in a different state(delaware) ???( if I dnt have a physical address in delaware)?. How can A person (me) contact u and how much would u. Quote me to create a LLC member in such state??? Thanks
Hi Aiden, I really enjoy your videos and find them very informative. I have a question. I formed a Florida LLC listing my wife and myself individually as "AMBR". I now need to get the EIN number. I am a little unsure as to file as a single member LLC or Partnership. Please advise. thanks
Thank you so much! ☺️
This video cleared up some questions I had. Thank you.
So helpful thank you
Thank you! Thank you! Thank you! :-)
Wonderful explanation! Thank you!👍💎
Perfectly explained!
Now I have a question. I am a single person llc but I have a manager "manager managed" should this manager have a copy of the organization article?
Thank you very much. You broke that down perfectly
Video starts at 2:10
Thanks!!!!!!!! Geez, signed your ADHD friend.
This is where I'm stuck..
Its just me forming the LLC who will be operating and running everything and signing contracts as a real estate wholesaler/ investor.... I'm guessing SMLLC..
Your saying I can select either one, member managed or manager managed?
I was going with member managed at the beginning, but then towards the end of the video you lost me... When you starting mentioning contracts...
Please help!!!
Mr.Garcia then you’ll want to choose “member managed”
Mr.Garcia in a member managed llc, all of the memebers can act as “managers” which can sign contracts on behalf of the business.
@@jordanvolk6522 After over thinking everything through and through I could never get an ansewer from anyone. Thank you!
@@trndstr84 I'm exactly in the same situation just like you were. So what did you choice? Since I'm the only one member and it's SMLLC, should I pick member-managed or manager-managed? What's difference?
@@kaan3874 Member managed from my understanding! I'm doing mine now.
I'm about to create an LLC in Wyoming and I will be the only one owner and only one member of this LLC. So should I add myself as a Manager and also as a Member? Does it changes anything or should I just leave these parts since I'm going to be only one owner, manager and member of this LLC?
Could you please answer?
FitForChaos I do not know much about Florida LLC law, in particular, and am not licensed in Florida, so I cannot give you any real advice on your question. However, I found this document form.sunbiz.org/pdf/cr2e047.pdf which says "Use AMBR for members who are authorized to manage and control the company." Based on the information you gave me, you would probably fall under that category. However, I recommend you ask an attorney who is licensed in your state. Thank you for the comment!
Thank you. I appreciate it.
Thank you so much! I'm starting a pool service business and was darn confused! Merry Christmas!
but what's the difference between director managed LLC?
Question of the day: my subsidiary is member managed (call it llc B) and the parent company is manager managed (LLC A). You can probably see why that is the case (anonymity). How do I sign for legal documents for LLC B? I am the member for A but LLC A is the member for LLC B.
Thanks!
You’ve come a long way with your videos. Good job on this one though. The information was great!
This was very helpful in understanding the difference between the two. So thank you for that! However, I'm a little confused about the part where you said that we could have "messed it up". Since the S.O.S. doesn't require you to provide your operating agreement, how would you screw up the LLC registration with the state with regard to member/ manager managed LLCs?
Colorado (and many other states) requires that to be designated on the Articles of Organization. That’s what I was referring to, not the operating agreement.
Manager managed so why bank keeps asking for SSN and dont want to separate business and hold me accountable to public and not private company and they know to not do so just to screw you
I’m just now forming my LlC and on the Colorado forms, Manager Managed is shown as the own who wants to be involved in daily operations and Member Managed is showing as the investors of the LLC. Like the form has the explanations backwards!!! So this makes it really confusing. I ended up selecting Manager Managed (since this was seen as a safe bet on your blog) and will be adjusting my Operating Agreement to address it!
i love your videos thank you so much!!! so helpful
Aiden, you are the bomb diggety! I always learn a lot from your clever, thoughtful, enlightening and light hearted videos. Thank you.
Forming an LLC for 4 rentals. Want my daughters on there in case something happens to me. They have no desire to be involved. Does Member Manage make more sense? If I get hit by a bus, then all three of them can manage after Im gone. Is that correct? LOL
Same question I have
@@latishapierce9930 And the answer is?
Thanks for the info. My question is how I should incorporate the LLC owned by my husband and I into our living trust to avoid probates.
tysm!!
How do we get all up in your business???
Thank you so much for what you're doing. Question: does a online boutique have to be an LLC or INC
Is there any chance of you moving you practice to Vermont?
Anything’s possible, but probably not. :-)
I wish I saw this earlier. I messed at exactly as she talked about.
I'm just gonna go ahead and start commenting since youv been my favorite so far! Very informative and easy on the eyes 😁👍. Definitely saved me a few times now.
How do you remove members off from an LLC? I made the mistake of adding members in my LLC. Can you do this remotely online?
Wow....I Love your videos! Keep up the great work
Thanks for the video. I'm starting a small Real Estate Brokerage Firm where I will be the sole owner. A fellow Virginian, and lawyer friend, gave me the blank form to use if I want to move forward as a single owner member Manager-Managed LLC. Now the question is which is best for my situation? (Important note, if it matters; I plan on being an LLC filing taxes with an S-Corp election.)
Thank you so much for all your videos! Could you changed it once your LLC has been registered?
Again, great and relevant info!
Do the same rules apply to LLCs in NYC?
What if I run the LLC as a single manager, like you said I can vote for my own self and get elected, fine so far, but if in the near future I want to add a member, do I have to make a vote again for my selection of the chief manager? Do you get where I'm going? I hate LLCs because I think the there's too much people making "decision" and the path of the company can be affected very badly.
If im forming a single member llc but want to hire a friend or relative as a manager, do i have to fill out this information in the articles of organization as manager managed or can i fill out as member managed and simply add persons name and info that i plan on hiring in the llc's operation agreement ? Thankyou for all your videos you do a wonderful job of educating the rest of us :)
If you are hiring the person as an employee then you wouldn't want to name them in any of the LLC's formative documents. An employee is not a member or owner of the LLC, just an employee. Thank you for watching and for the great question! :-)
The Law Office of Aiden H. Kramer, LLC oh wow.. I actually do have his name on there plans were to mail in today good thing i didnt thank you very much ill change info and reprint tomorrow, your awesome! Thank you again!
Thanks so much! Your videos are so helpful.
Thank you very much for all of your informative videos. Very helpful in considering my own business up here in sunny Michigan. Good luck with your business.
Are you still around? I haven't seen a new video!
Dave Dewitt she has a new nanme now look under her link ...believe its law firm 180 or something
can you send a link for some good operating agreement templates?
Good lord u what a confusing confused video, manager member manage,,,managing, very confusing!!!
Yeah words can be tough sometimes! 😬
@@allupinyobiz my apologies.
I didn't understand it due to my lack of knowledge on the subject and I wasn't thinking properly when I wrote that.
I have a question if u have some time.
How can A person( me living in Tx) create an LLC in a different state(delaware) ???( if I dnt have a physical address in delaware)?.
How can A person (me) contact u and how much would u. Quote me to create a LLC member in such state???
Thanks
I've gotten so much from your videos. Thank you for putting this information out there.
Hi Aiden, I really enjoy your videos and find them very informative. I have a question. I formed a Florida LLC listing my wife and myself individually as "AMBR". I now need to get the EIN number. I am a little unsure as to file as a single member LLC or Partnership. Please advise.
thanks
Lol, I just did this. "Messed up".