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Simple LLC formation advice needed
RHH
subscriber Posts: 2
Hello,
I am about to start a business and I have two questions:
1-I have two partners, but I will have the larger percentage of the business. We will have majority vote wins, but I want to have the option to pull rank at any time if necessary. They both agreed, but how do we put this in writing? Do we do a seperate Contractual Agreement or do we include it in the Operating Agreement?
2-We have sufficient startup money, but will need an investor within a year or so to take us to the next level. Should I leave around 40% (or a different %) or should we divy up our percentages as we procure investor(s)?
Thank a mil!
I am about to start a business and I have two questions:
1-I have two partners, but I will have the larger percentage of the business. We will have majority vote wins, but I want to have the option to pull rank at any time if necessary. They both agreed, but how do we put this in writing? Do we do a seperate Contractual Agreement or do we include it in the Operating Agreement?
2-We have sufficient startup money, but will need an investor within a year or so to take us to the next level. Should I leave around 40% (or a different %) or should we divy up our percentages as we procure investor(s)?
Thank a mil!
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Comments
2) Each time you bring in new money you need to sit down with the current owners and agree what % of the company the new money buys. Of course the new money will also need to agree on this %.