What is the name of your state (only U.S. law)? IL
I'm setting up a small company with two more partners, we created an operating agreement that specified responsabilities, shares, agreements and some clauses, just to have something to start with. This document was signed by all three but not in from of a lawyer nor was the document notarized.
We asked one of the founders take care of the filing of the company, his lawyer suggested that the best and fastest was to set the LLC mentioning the operating agreement and to have him file the company under his name. He proceeded to file the company but never communicated back to us until the stated had issues the EIN number.
We had a meeting to discuss this, and he mentioned that the operating agreement is the document that governs the company, but no mention of the operating agreement is in the LLC nor our names where filed in the LLC with any mentioned of shares or responsibilities.
From my point of view, the company is 100% his and we have no power over it.
How much of his allegations are true?
Talking to the other partner we agreed we need to create an addendum to the document formalizing our names and function in the company, we will discuss tomorrow.
Thank you in advance.
I'm setting up a small company with two more partners, we created an operating agreement that specified responsabilities, shares, agreements and some clauses, just to have something to start with. This document was signed by all three but not in from of a lawyer nor was the document notarized.
We asked one of the founders take care of the filing of the company, his lawyer suggested that the best and fastest was to set the LLC mentioning the operating agreement and to have him file the company under his name. He proceeded to file the company but never communicated back to us until the stated had issues the EIN number.
We had a meeting to discuss this, and he mentioned that the operating agreement is the document that governs the company, but no mention of the operating agreement is in the LLC nor our names where filed in the LLC with any mentioned of shares or responsibilities.
From my point of view, the company is 100% his and we have no power over it.
How much of his allegations are true?
Talking to the other partner we agreed we need to create an addendum to the document formalizing our names and function in the company, we will discuss tomorrow.
Thank you in advance.