2 owners in LLC

[jimmysoul]

MD

if I create an LLC, under my name, and make my brother 99% owner, does this give him 99% ownership of assets, money in that LLC bank accounts etc? I ask this if in case of couples separation, one wants to protect its asset

Do we need to write up an agreement for that?

 

[adjusterjack]

if I create an LLC, under my name, and make my brother 99% owner, does this give him 99% ownership of assets, money in that LLC bank accounts etc?

Yes.

I ask this if in case of couples separation, one wants to protect its asset

You protect your assets by not getting into that foolish arrangement in the first place.

Do we need to write up an agreement for that?

Yes.

Get a lawyer to do it properly to protect your interests.

 

[jimmysoul]

Yes.



You protect your assets by not getting into that foolish arrangement in the first place.

Thanks

I was referring to incase, if other person gets separation from wife (not me). That person would want to protect its assets

 

[doucar]

If your brother owns 99% of the LLC, if he were to get divorced, his ex wife could potentially own 49.5% of the LLC as the LLC would be an asset of the marriage. If you were to divorce, your ex would own .5% of the LLC.

 

[jimmysoul]

If your brother owns 99% of the LLC, if he were to get divorced, his ex wife could potentially own 49.5% of the LLC as the LLC would be an asset of the marriage. If you were to divorce, your ex would own .5% of the LLC.

Got it, thanks

 

[zddoodah]

if I create an LLC, under my name, and make my brother 99% owner

If your brother is "99% owner," what does "create an LLC[] under my name" mean?

does this give him 99% ownership of assets, money in that LLC bank accounts etc?

No. It gives him 99% ownership in the LLC, with the LLC owning assets titled in its name.

I ask this if in case of couples separation, one wants to protect its asset

Huh?

Do we need to write up an agreement for that?

An agreement for what?

Before you consider doing something you clearly know nothing about, you really ought to confer with local legal counsel.

 

[quincy]

Here is information on how to form an LLC in Maryland:

https://www.peoples-law.org/forming-limited-liability-company-llc-state-maryland

Because of the nature of your question, I (too) recommend you consult with a legal professional in your area.

 

[quincy]

Just a reminder of who this poster is: https://forum.freeadvice.com/threads/can-my-us-citizens-parent-sponsor-me.661571/

He's a peach - and doesn't like that I've reminded others of who he is (he reported me [twice now]).

I guess he’ll have to report us both.


Just a reminder of who this poster is: https://forum.freeadvice.com/threads/can-my-us-citizens-parent-sponsor-me.661571/

 

[adjusterjack]

Explains why he wants to give his brother 99% of the business. He's a furriner and wants his brother to pay the taxes while he gets cash under the table.

 

[quincy]

... unless he is asking for a friend.