Hello Darwin, if you want to run your business through your LLC, then yes, you should wait until your LLC is approved, then apply for your commercial license and purchase commercial insurance. And before you do, you should get a UN number for your LLC. The reason is that you want commercial license and commercial insurance on behalf of your LLC. Your fictitious name exists as if it were associated with you as a single master. If you want your LLC to do business under this fictional name (in addition to the full legal name of LLC), you can transfer/assign your existing fictitious name from Yourself to your LLC. I think you`re in California. If so, you should contact the Landratsamt (where your head office is located) to obtain the form and instructions for transferring/assigning your fictitious name from yourself to your LLC. If you want to share the name of your LLC and your fictitious name, we can offer you even more context. Fictional names and LCs often lead to a lot of confusion and people who do the wrong things/use them the wrong way. Hope that helps. At this point, your LLC should be “active” and the final step will be to create your LLC operating contract. This document should not be subject to a government function, but must be kept personally for internal registration. It is only the DOCUMENT that describes the percentage of ownership (%) company` business.
However, much of the same information should be included in your LLC. Here are some important elements that you should include in your LLC business agreement: an enterprise agreement is an agreement for your LLC members that defines how the LLC is managed both financially and operationally. One of the advantages of creating an LLC is the flexibility to run your business. Trading partners or investors in the first phase of an exciting business opportunity often do not see the possibility of further disagreement and the possible need to assert their respective rights, but to set the terms of operation of an LLC at an early stage clearly and explicitly in writing, protect the interests of all parties involved. Many difficult cases were decided on the basis of rules of delay or judicial interpretation of an ambiguous agreement that did not appear to reflect the wishes and objectives of the parties. Hello, Samantha, thank you for the kind words. And I`m glad our site was so helpful. Before I get into the theme managed by managers, I would just add a note on how to be the LLC organizer and keep your documentation in order. Since you form the LLC for your son, you will be the organizer of LLC and will sign the Articles of the Organization of California. Your son`s name is not in the statutes because California does not ask for the member`s information on this form.
Thus, after you sign as an organizer and as an LLC, you can sign an LLC Organizer statement in Lieu of Organization Meeting, resign as an LLC organizer and appoint your son as a member. In addition, your son should sign an LLC operating contract. In terms of managing the administration of e.V. Member-Managed, I think you could go both ways. You can choose that the LLC be managed as a manager in the statutes. Then sign a company agreement managed by managers, in which your son appoints you manager. After that, you are the only one empowered to engage the LLC in contracts and agreements. In other words, you will be the only one who can act on behalf of LLC.
However, your son, who is a member, has the power to remove you as a manager because he is the only member (and does not need the agreement of other members, because there is none).