Legal Question in Business Law in Pennsylvania

Hello,

When you incorporate as an LLC and use a management company to do all your collections, bill paying and deposts into the corporations account for future repairs and expenses, how does the owner of the company get paid? Does the management company deposit profits directly into my own personal saveings account and also, how can someone be sure that the management company will not decide to withdraw all my money from either account since they will have access to it?

Thank you

Robert


Asked on 6/13/10, 8:34 pm

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

Any attorney will say it depends on the terms of your agreement with the management company. By giving them complete access to all bank accounts, the risks mentioned are possible. Consult with an attorney in your area for specifics.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

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Answered on 6/14/10, 6:28 am


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