n00b question about LLC ownership

[p***@gmail.com]

hey guys

have a noob question about LLCs if that's ok? if i'm asking in the
wrong area, please forgive me in advance. ;)

- we are 3 guys with a software product who decided we needed to set up
an LLC to protect ourselves and our product.

- 2 of us are outside the USA, so the guy inside the USA has taken care
of setting up a Delaware LLC. he is listed as the sole owner of the
LLC.

- the two foreigners would now like to be regarded as equal partners in
the eyes of the law in this LLC, plus we would like the LLC to
officially own the software product too.

how do we go about accomplishing this? do we simply draft a document
declaring the new structure of the LLC? or are there official papers to
file with the Delaware Govt?

thanks for any suggestions you can offer!

prof.

[s***@gmail.com]

The fact that two of the partners reside outside the united state isn't
a problem. On the other hand, if you were to attempt to set up your
business as a S-Corp you would probably face problems as nonresident
aliens are not allowed to hold stock in an S corp.
The partnership agreement, should stipulate the rights and obligations
of the co-owers of your partnership. Idealy, you guys should consider
having this drafted by a competent attorney, in writing, and signed by
each. The partnership agreement should take care of the issues you
expressed. Make sure you file the approapriate k-1, 1040's etc on
time.
Good luck!

Post by p***@gmail.com
hey guys
have a noob question about LLCs if that's ok? if i'm asking in the
wrong area, please forgive me in advance. ;)
- we are 3 guys with a software product who decided we needed to set up
an LLC to protect ourselves and our product.
- 2 of us are outside the USA, so the guy inside the USA has taken care
of setting up a Delaware LLC. he is listed as the sole owner of the
LLC.
- the two foreigners would now like to be regarded as equal partners in
the eyes of the law in this LLC, plus we would like the LLC to
officially own the software product too.
how do we go about accomplishing this? do we simply draft a document
declaring the new structure of the LLC? or are there official papers to
file with the Delaware Govt?
thanks for any suggestions you can offer!
prof.