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    3 Replies Latest reply on Jan 22, 2009 7:28 PM by catalyst.det

    How to form a LLC with independent partners?

    Lemontree Newbie
      How could I form a virtual company with independent consultants under a LLC in Maryland? And how should I start writing a LLC agreement on this case? Please advice.
        • Re: How to form a LLC with independent partners?
          dublincpa Scout
          Huh? I don't get what you are asking. Please flesh out the question a little more if you don't mind.
          • Re: How to form a LLC with independent partners?
            Lemontree Newbie
            I am a real estate agent and thinking of obtaining a broker license, then forming a virtual company with independent consultants under a Limited Liability Company. I have a couple friends who are doing consulting work independently and are willing to form the LLC with me as this way we are independent partners but supporting each other's work. I also found that forming an LLC with independent consultants could be a good way to limit the liability and tax. How do you think and any suggestions on forming an LLC like that?
              • Re: How to form a LLC with independent partners?
                catalyst.det Newbie
                Lemontree, I don't claim to be an expert in this but no one else has taken a crack at it.

                First thing, I think I need more information about the nature of the business relationship you intend to have with your partners.

                I'll try to speculate a bit on it though and say that if you are looking to retain control of the collaborative, and that's essentially what you're going for, a collaborative with a legal entity wrapped around it, you need to specify that the LLC is member-managed, and name yourself or a close trusted person as manager and bring in the other agents as silent partners (non-voting members). The operating agreement is the most important aspect to this, you have to account for everything there. The articles can be more generic to LLC formation, but you have to be thorough and explicit about how internally the agents are to conduct themselves with respect to each other and externally the agents represent the company. Other things like benefits, ownership, profit-sharing, etc. need to be very explicit if you are looking to divide up ownership between agents. One more thing, since this will be a real estate company, be sure there is an article or subcategory that addresses the potential conflicts-of-interest between agents.

                I know I'm probably missing alot, you really need to THOROUGHLY read Limited Liability Companies for Dummies and talk to a corporate attorney who will have much more insight than I do.

                I wish you all the best though, I really hope you pull it together and make it work.