All Forum Posts by: Tom MacDonald

Hi BP, this might be a dumb question but can someone please tell me if these are my new LLC's "articles of organization"? This was one of the documents that I received when I filed with the State of Texas. I am currently trying to set up a business account at our local credit union and they are asking me for my articles of organization. I just want to be sure that this is what they're asking for (see below), lest I begin my relationship with the bank's branch manager by look completely clueless. Which I sort of am ;)

Thanks!
Tom

Thanks Joseph, that's great info.  I'll talk to the banker about it, perhaps I'll just have to go into the bank.  It's lucky that I already have a flight booked there for the Christmas holidays.

I guess not everything can be done remotely...

Hi BP,

I have formed an LLC with my partner and now we want to establish a business account at our local credit union. Ideally we would both come into the bank together and open this account, however I live overseas and flying to Texas is not feasible at the moment.

Can anyone comment on the steps necessary to grant my partner power of attorney so that he can open this account up for us? We have prepared our operating agreement, EIN, and LLC formation documents. Will we need anything else?

We are going to have a conference call with the bank manager this coming week and I want to have the answers to any questions that might come up.

Thanks everyone!
Tom

 Good info, thanks Carter.

Yes

Hi BP, I have filed for an LLC but it is still being processed by the state. There is a deal that I want to put an offer on and I don't want to miss it. Can I put in an offer and purchase the property in my own name, then somehow move it into an LLC for tax and liability purposes?

Thanks,
Tom

So I just registered as an LLC with the state of Texas and listed my business partner as the registered agent using his home address, which required him to sign a letter of consent. Doing it this way seems quite risky, as there is currently a lot of responsibility on my partner to receive and react to any legal notices sent to us. As soon as we get our first deal we will switch to using a third party as our registered agent.

I am a bit worried that our company's name, MAKI Investment Partners LLC, is too similar to an existing registered company, MAKI Investments LLC. It cost us $300 to submit our filing - I sure hope our application is not rejected due to name similarity and we have to pay the fee again and spend time waiting for another round of processing.

Can anyone comment on whether this might be a problem?

Thanks ya'll,
Tom

Thanks Fred.  I can't just list myself or my partner as the registered agent?  Also I'm a US citizen, I'm just living in Australia at the moment.

Hey BP community, I am working with a mentor who has suggested that my business partner and I register our business with the State of Texas (where our target markets are) and produce an operating agreement before putting in offers.  We went to the SOS's arcane website and determined that our preferred business name is available.  Now I just want to confirm that we are submitting the correct form - I think it's this form 205.

Can anyone offer confirm that we are on the right track or offer general comments?

Thanks!
Tom

Thanks Daria