If my brother and I recently made our company an LLC with him sole owner, can we make a separate contract show we are 50/50 partners to cover me?
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If my brother and I recently made our company an LLC with him sole owner, can we make a separate contract show we are 50/50 partners to cover me?
Asked on December 5, 2011 under Business Law, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you want to have an interest in the limited liability company that was created, there needs to be a notice of a meeting and minutes of the meeting reflecting that you now have an interest in the entity where membership certificate is then issued to you giving you so much of an ownership interest in the company.
You need to be aware that as owners of interests in a limited liability company you are not a parter per se with your brother. You and he would end up working out of an entity that you have an interest in similar to a corporation. I suggest you consult with a business attorney further about your venture.
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