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Thread: Signing On Behalf Of The LLC

  1. #11

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    I know this post is old, but I'm new to the site and wanted to comment on this thread......

    When my attorney created my LLC, he also created an operating agreement indicating what the company can and cannot do, and what the company will and will not do. One of the things he stated was that I would always sign documents on behalf of the LLC, that is.... My Name in the capacity of manager for ABC LLC. This way, I act as an agent and not the owner of the company.

    As far as money going back and forth between my personal account and the business account, I would always do promissory notes back and forth, this way it's tracked as a lone from either account.

    Any account, line of credit, bank card, or credit card we have are in the business name, I list my name as an authorized person on the card, because if I don't then I'll have to take around the Articles and the operating agreement with me everytime to prove that I'm authorized to act on behalf of the business.

    Now when it comes to credit cards for the business name, when they're submitted for, they are submitted in the company name with it's EIN number. Our Articles of Incorporation and our operating agreement stipulates that no member of the LLC are to be held liable for LLC debts and obligations. Therefore, we never do a personal guarantee. Now you may be saying, well how can the business get credit without a personal guarantee. Well, there are a lot of programs that tells you to set up your business as if it is a business, like getting your tax id, set up your account with Dunn and Bradstreet, registering with the state, a business phone line, get a website, get listed in the online directories, open bank accounts, get net 30 accounts and pay ontime to establish your PAYDEX number. These are the things that companies do to know that you're really in business.

    I get applications all the time and when I see the personal information and it ask for my SS#, I throw it in the trash. But personal guarantee is never an option for us.

  2. #12
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    Old thread or not, thanks for the info.
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