May a foreigner (SA citizen) be a part owner of a LLC say40%?

Question Details: If an South African citizen is able to be an owner in a LLC (40%) what is required of him?

Asked on 7/15/2009 under: Business Florida More Legal Topics ▼All States ▼

Keith J. Kanouse / Kanouse & Walker, P.A. Answered 3 years ago This attorney is licensed in Florida View Attorney Profile

You can be a member of an LLC. You need to review a copy of the Articles of Organization and Operating Agreement that governs your rights and obligations. You need to do as much "due diligence" as possible to make sure you make an informed investment decision such as a receipt and review of a business plan, current financial statements and, possibily a private placment memorandum since you are buying a security. You will also be asked to sign a Subscription Agreement. You need to get a lawyer and an accountant involved before you invest.

Keith Kanouse

Kanouse& Walker, P.A.

561-451-8090 x 1

J.M.A., Member In Good Standing Of The Connecticut Bar / FreeAdvice Contributing Attorney Answered 3 years ago| Contributor

I am a lawyer in CT and practice in this area of the law. You do not have to be a U.S. citizen to be a member of an LLC. The LLC is a separate entity in and of itself. All you need to do is list the SA's member on the Article's of Organization and list his residence.