Legal Question in Business Law in Pennsylvania
My friend and I are buying a pizza shop. He applied for an LLC for us through a lawyer he knows. We now have the LLC but his name is the only one listed on the LLC. Should I be listed on the LLC as Well?
Asked on 5/18/10, 2:43 pm
1 Answer from Attorneys
What's listed on the PA Corporations Bureau website is not important. It is the person who files the document, who could be the attorney. What is important is the agreement between the LLC members. You need to have an LLC operating agreement that specifically spells out the rights, duties and percentage ownership of the members. If you do not have one, you are putting yourself at great risk.
Answered on 5/24/10, 6:42 am
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