LLC Operating Agreement
- From: vox600@xxxxxxxxx
- Date: Wed, 20 Jun 2007 12:59:26 -0700
I have been reading everything that I can find on forming an LLC (for
the purpose of also obtaining an auto dealers license in my State of
Missouri). I have read many sample operating agreements and understand
the concepts put forth. I am still having problems discerning what I
need to draft for my particular situation.
I would like to have a single member LLC but in the auto dealership
would like to
work with one of my son-in-laws.
We will work somewhat independently, possibly going to auto auctions
at different times.
I would like to maintain individual profits according to each persons
volume of
work. (i.e. autos I sell are my profits and what he sells are his). At
the end of the
established financial periods, if I generated 60% of the profits and
him 40% then
that's how it would be carried over to our personal profits or losses
(if he's a member) and possibly a small mandatory % of each sale
remaining in the business for operating costs and
expenses. I am looking for the simple verbiage to draft this, i.e.
listed as "Commissions' etc. Without him as a member, I imagine he
would need to be listed as an employee of the LLC/business working on
as I said commission.
Basically if I am putting in the effort to form this business and put
up the operating capital, etc., I want sole control. I am just trying
to help out my daughter and husband with some extra income but don't
want to over complicate things. If the operating agreement turns out
to be more of a headache trying to define the financial structure, or
by having employee's instead of a partners/members then I will
continue to look at the more standard arrangements.
Any advice is greatly appreciated.
.
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