Hi all. We use an LLC for our investments and it's tough for my husband to be available to attend closings to sign the docs. We are both 50% members in our LLC. Is there certain verbiage I can put in our Articles of Org or Operating Agreement so I can sign all contracts/docs on behalf of the LLC? Or an addendum I need? Thanks!
Yes you would have to have either the designation in the Articles of Incorporation that any one partner can enter in to legally binding contracts on behalf of the LLC OR that "Named Partner" can enter into legally binding contracts for the LLC.
I recently did an addendum to my LLC where my partner can sign contracts as long as I am given 3 day notice on the terms of the contract they are entering BUT they can't enter a contract that binds my shares of the LLC (i.e. use the property equity as a downpayment, collateral, etc).
Thank you, Corina!