Chapter 10
Structuring Your Partnership
IN THIS CHAPTER
Boning up on LLC membership
Choosing the right partners
Issuing and vesting membership shares
Organizing a single-member LLC
Deciding on the rules for managers
In the eyes of the law, your LLC is a separate entity unto itself — almost like a separate person. But because it’s not alive and can’t think or act on its own, someone must do so on its behalf. In this case, the owners (that is to say, you) make sure the business stays alive. Until membership in your LLC has been issued — in other words, until the LLC is actually owned by someone — the business doesn’t really exist.
The LLC’s members are the company’s major decision makers. For the most part, the business’s success falls on their shoulders. Even if they don’t manage the day-to-day affairs, they still control who does. Who owns the company and how that ownership is structured are the most important decisions you can make when starting a new venture.
In this chapter, I ...
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