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  1. #1
    Bades is offline Junior Member
    Join Date
    Jan 2012
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    1

    Adding new member to an LLC

    Currently, I own an LLC and have an EIN and bank account.

    I'm looking at parterning with a buddy of mine to help expand the business.

    What is the process I have to go through to do this? At the time I filed for the LLC I wasn't even aware of SMLLC's and MMLLC's. So would bringing this partner on as a member change my current LLC to a Multi Member LLC? If so what changes in terms of tax reporting. As of now there will be no other employees, just him and I and co-owners.

    thanks all!

  2. #2
    yourhostingspot.com's Avatar
    yourhostingspot.com is offline Senior Member
    Join Date
    Mar 2006
    Posts
    251
    To start, I am not a lawyer. LLC's vary by state, but the two states that I have LLC's in, you can just modify the certificate of organization and add his name. He will have to sign the certificate of Organization with his name on it and it is best to get it notarized. Anything he is bringing on to the company should be included and anything you've put in should be included.
    As far as taxes go, it depends on how you are going to be paid.

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