01-14-2010, 02:27 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Debb</i>
<br />And if LLC is Manager Managed, what power would have Operating Meneger? And what power will have members to control LLC from overseas?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Depending on specific State laws, in managers manage LLC, managers would have control over management and operations of business affairs and as I said earlier would have power to bind LLC. They would make all decisions to run the company such as sale, purchase, management or lease of LLC's assets. They can borrow money by providing security interests in the LLCâs assets. They can take all decisions for pre-payment, financing, or extension of any loan against LLCâs assets. They can release any of LLCâs claims or debts. Also, they can hire a person, firm or corporation for operation and management of LLCâs business. Similarly, they can execute all contracts, promissory notes, loans, security agreements, conveyances, assignments, leases, sub-leases, agreements, and grant licenses etc. They can write checks, order drafts and other payments of the LLC's funds. Members would sign an operating agreement to form LLC.
Members, in manager manage LLC, would elect and appoint manager through voting. They have the right to change operating agreement anytime to remove the manager. The members would set the duration, terms of employment, and compensation of managers. Members would also define overall policy and direction of LLC.
<br />And if LLC is Manager Managed, what power would have Operating Meneger? And what power will have members to control LLC from overseas?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Depending on specific State laws, in managers manage LLC, managers would have control over management and operations of business affairs and as I said earlier would have power to bind LLC. They would make all decisions to run the company such as sale, purchase, management or lease of LLC's assets. They can borrow money by providing security interests in the LLCâs assets. They can take all decisions for pre-payment, financing, or extension of any loan against LLCâs assets. They can release any of LLCâs claims or debts. Also, they can hire a person, firm or corporation for operation and management of LLCâs business. Similarly, they can execute all contracts, promissory notes, loans, security agreements, conveyances, assignments, leases, sub-leases, agreements, and grant licenses etc. They can write checks, order drafts and other payments of the LLC's funds. Members would sign an operating agreement to form LLC.
Members, in manager manage LLC, would elect and appoint manager through voting. They have the right to change operating agreement anytime to remove the manager. The members would set the duration, terms of employment, and compensation of managers. Members would also define overall policy and direction of LLC.
