4. Member and Manager Actions
The ability to make decisions on an informal basis is one of the attractions of limited liability companies. But meetings of members or managers are desirable to make decisions requiring group input and debate. Family LLCs often hold regular member meetings to educate the next generation of managers as well as to underscore the reality of younger family members’ interests in the LLC.
Form 4.1 contains a notice of meeting that can be used to insure that all eligible participants have been given proper notice. Members or managers are sometimes willing to waive notice to which they would otherwise be entitled, and a document for doing so is included in this form.
The second form in this category contains minutes of a meeting of members or managers and sample resolutions to be adopted at such a meeting. If members or managers wish to take action without a meeting and need a record of the action to secure bank financing or guide future policy making, the form of consent to action included in Form 4.2 can be used.
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