My brother and I co-own a LLC, and the LLC owns a property.

When selling the property, the contract would have the LLC as the seller, correct? And he and I sign as members?

We have a buyer and just want to make sure the contract is correct.

Thanks for any help anyone can provide.

Contract will state LLC as seller and you just sign "john doe, manager, john doe llc". The title company will want a copy of the llc paperwork and will tell you how to sign at closing.

Thanks so much!

Be careful as to Manager vs Member. If you have a member managed LLC, you would sign in your capacity as "Member". Read your operating agreement to determine the correct capacity.

beerag04 said:

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Be careful as to Manager vs Member. If you have a member managed LLC, you would sign in your capacity as "Member". Read your operating agreement to determine the correct capacity.

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How careful does someone need to be?

rme said:

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beerag04 said:

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Be careful as to Manager vs Member. If you have a member managed LLC, you would sign in your capacity as "Member". Read your operating agreement to determine the correct capacity.

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How careful does someone need to be?

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A member would not sign if there are designated manager(s) in the LLC operating agreement. Sometimes a manager and member are one and the same, but not always.

flashplayer said:

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rme said:

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beerag04 said:

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Be careful as to Manager vs Member. If you have a member managed LLC, you would sign in your capacity as "Member". Read your operating agreement to determine the correct capacity.

---

How careful does someone need to be?

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A member would not sign if there are designated manager(s) in the LLC operating agreement. Sometimes a manager and member are one and the same, but not always.

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I am the sole member of an LLC. I usually sign as manager, but sometimes I sign as president when I feel important.

Call RedPear and let him help you sell for only 1% and assist with contracts, etc. A contract can be amended to whatever seller name title co requires.

How you sign absolutely matters. Its a legal contract. A goal of an LLC is to mitigate risk. Therefore, re-read your OA and ensure the correct person, or persons, are signing with the correct title. Just as "beerag04" stated. Not doing so and being careless with titles, signatures, etc will expose the LLC as a non-business entity to the IRS as well as allow attorneys to "pierce the veil."
FYI, I'm not an attorney or CPA. Just sharing personal experience.