Legal Question in Business Law in Maryland
I have opened up a security company with my partner and have not formed an llc agreement yet. I was reading a sample llc agreement and it stated that there needs to be a chief executive memberand the chief is the head. Now since its 2 of us how would it work with percentage and is the statement right about the need for a chief. I don't want to make problems or for my partner to think I'm tryin to get over on him.
1 Answer from Attorneys
As you have probably discovered, forming a new business involves more than just filing articles with the State. The Operating Agreement provides critical information as to the running of your business. A good Operating Agreement really should be based on the specifics of your particular business, its future goals and investment strategies and so forth. LLCs can be member managed or manager managed and may or may not have traditional officer positions like a corporation. The "officer" type of positions (like a chief executive officer or president) really do not relate to how much ownership interest one has, but it is important to spell out the roles of the various players.
I suggest that you consult with a business attorney in this state to get some help in forming your governing documents for your LLC. You are welcome to call my firm or another Maryland attorney of your choosing.
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