I would like to be a paid signer on new LLCs for a per transaction fee. Contract?

[atg4040]

What is the name of your state (only U.S. law)? My LLC is a Florida LLC.

I have a business idea. People who are starting a new business sometimes need a designated signer for their LLC. For whatever reason, members of the LLC don't want to be the signer on the account. I would like to form an LLC with partners and for a fee per transaction (written check or online transaction) serve as the signer for other LLCs. I would like to create a contract stating specifically that I would collect a fee per transaction, that every transaction must have acceptable documentation, and that if at any time I feel uncomfortable with the nature of the business or the manner by which transactions are documented, I would close the account and remit the funds by cashiers check to the LLC manager. I would be paid by check from any LLCs I work with payable to my LLC. What details am I omitting?

 

[Zigner]

Sorry, this is not a business-planning forum.

 

[mmmagique]

I think it's a great idea! I've been looking for someone to do something like for me, actually. I'm quite sure there are people who do this, especially in Delaware and Las Vegas, and probably other places known for having tons of out of state llcs.

 

[Zigner]

I think it's a great idea! I've been looking for someone to do something like for me, actually. I'm quite sure there are people who do this, especially in Delaware and Las Vegas, and probably other places known for having tons of out of state llcs.

Huh? Why would an LLC need this if not for nefarious purposes?

 

[mmmagique]

Because not everyone wants their name associated with every business they own. Some people value their privacy.

 

[Zigner]

Because not everyone wants their name associated with every business they own. Some people value their privacy.

But, when you call to place the order...or when you sign the contract...or...or...or. Privacy is not easily maintained once one decides to run a business.

 

[mmmagique]

But, when you call to place the order...or when you sign the contract...or...or...or. Privacy is not easily maintained once one decides to run a business.

I have 800 numbers they call to place the order. We do not have contracts. I do have the legally required contact information available to my clients.
Privacy is important due to the nature of my business, and I daresay I'm not the only one who feels this way. Hence the reason I think the OP has a good idea. (if not unique)

 

[Zigner]

I have 800 numbers they call to place the order. We do not have contracts. I do have the legally required contact information available to my clients.
Privacy is important due to the nature of my business, and I daresay I'm not the only one who feels this way. Hence the reason I think the OP has a good idea. (if not unique)

Do you sign your checks now? I'm betting that you have an employee do it

ETA: You have no suppliers that you make contracts with? I find that EXTREMELY difficult to believe. We're not talking about people PLACING orders here - you generally wouldn't write checks to those folks.

 

[TigerD]

So what happens when that business, for which you are the paid signer, commits fraud and splits?
Are you really prepared to assume that liability?

DC

 

[tranquility]

Be sure to register with the feds as a money service business. Be sure to know the signer of payroll obligations will make you a responsible party if deposits are not made. Be sure to insure yourself for the responsibility you will have, both criminally and civilly, for any crimes you help commit as the principal's agent. Be sure to get an adequate bond for writing checks against money that can disappear. (Think Nigerian scam. Not just what happens, but how it works.)

 

[mmmagique]

Do you sign your checks now? I'm betting that you have an employee do it

ETA: You have no suppliers that you make contracts with? I find that EXTREMELY difficult to believe. We're not talking about people PLACING orders here - you generally wouldn't write checks to those folks.

I don't have checks. I pay any expenses I have over the internet. I don't have employees. I have independent contractors.

I don't sell physical items. My business is basically intellectual property...writing...consulting...etc.

 

[mmmagique]

So what happens when that business, for which you are the paid signer, commits fraud and splits?
Are you really prepared to assume that liability?

DC

It is my business. I own it. I will not commit fraud. So, yeah...I pretty much trust myself.

 

[mmmagique]

Be sure to register with the feds as a money service business. Be sure to know the signer of payroll obligations will make you a responsible party if deposits are not made. Be sure to insure yourself for the responsibility you will have, both criminally and civilly, for any crimes you help commit as the principal's agent. Be sure to get an adequate bond for writing checks against money that can disappear. (Think Nigerian scam. Not just what happens, but how it works.)

I do everything by the books. I pay taxes, and my contractors get 1099s. I don't have payroll in the traditional sense as I do not have employees, but I do pay my contractors every single week without fail.

Dude...seriously...what are you talking about? I OWN my own business. I have owned it for over three years now. I keep up on the legalities (imagine that, with me spending so much time here and all...)

 

[justalayman]

It is my business. I own it. I will not commit fraud. So, yeah...I pretty much trust myself.

I'm thinking DC might have been referring to the OP.

as is tranquility likely to be doing so as well.





but to you mmmagique: are you not registered with the state? Are you listed as a member, partner, whatever for your company?

 

[mmmagique]

I'm thinking DC might have been referring to the OP.

as is tranquility likely to be doing so as well.





but to you mmmagique: are you not registered with the state? Are you listed as a member, partner, whatever for your company?

Thank you justalayman, I missed that. *ouch* and *blush* You are SO right! (apologies to everyone!)

Yes, my state is painfully (to me) aware of my business. (they like to take my money. *lol*) I have an EIN. I am in the process of setting up an LLC. I've been a sole proprietor for several years, but it's time to make it a bit more official.