Tagged: buying from an LLC
December 21, 2015 at 3:51 pm #1510
Kevin RhatiganParticipantDecember 21, 2015 at 3:51 pmPost count: 107
Jill DeWitParticipantDecember 28, 2015 at 1:14 pmPost count: 439
You don’t need any of these things in order to buy from an LLC. It isn’t up to the county to decide if the LLC is legitimate or anything like that. All you would do is change the wording on the deed.
For example, our deeds would read “SMOKETREE HOLDING, L.L.C., an Arizona Limited Liability Company”
ErinKevin RhatiganParticipantDecember 28, 2015 at 2:33 pmPost count: 107
Thanks Erin! Do you guys request the Articles of Organization (and anything else) to confirm that the person who will sign the deed is authorized to act on behalf of the LLC?George DeanParticipantDecember 28, 2015 at 6:56 pmPost count: 76
I am brand spanking new.
However, it would seem we need to make sure the person signing the deed does, in fact, have authority to do so. Some sort of “operating agreement/buy laws” or sign some sort of document staying they are authorized to sign all legal documents on behalf of the company.
I would like to know more about this process as well.
GeorgeJill DeWitParticipantJanuary 7, 2016 at 12:28 pmPost count: 439
It’s always a good idea to check on the LLC, however you want to go about doing that. In almost all circumstances you can verify an LLC and its managing members with a simple google search. If you know the state that it is incorporated in, you can even go to the official website for business searches and look that way.
PS Kevin, I just googled your LLC and verified that you’re a managing member. (:Luke SmithModeratorJanuary 7, 2016 at 5:20 pmPost count: 1262
In the brokerage business to open corporate accounts we asked them to sign our standard Corporate Resolution. That basically said there was a meeting of the company and so and so is authorized to sign and act on behalf of the company to open this account which is authorized to borrow or do what ever the account wanted to do like puts and calls.
Look up corporate resolution. If you are worried you could add one to the ppwk you are asking them to sign. That would standardize the process.
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