Please give us your top 3 choices for an LLC name. List your first choices first.
LLCs can be managed by the members (owners) of the LLC or by managers. When an LLC is managed by members, it more closely resembles the management structure of a partnership. When an LLC is managed by managers, it more closely resembles the management of a corporation, where the owners (shareholders) are not involved in the day-to-day running of the business. You must outline in the Articles of Organization whether your LLC will be member-managed or manager-managed.
For each owner, list the following:
(2) Percentage of ownership
(3) Are they a Manager? (the LLC's governing body)
(4) Services performed (if any)
(5) Cash invested thus far (if any)
(6) Vesting schedule (earning ownership over time)
Tobias Foxtrot; 85%; Manager; CEO; $18,000; No Vesting
Pam Pamplemousse; 30%; Not a Manager; Marketing Services; $0, 5-Year Vesting
Confirm whether your business engages in any of the following (say "none" if none apply, or specify)
Selling or manufacturing alcohol, tobacco, or firearms
Ownership of a highway motor vehicle with a taxable gross weight of 55,000 pounds or more