February 18th, 2019 at 10:19 am
I have recently been asked to represent some investors who have said they will be buying a property in the name of an LLC that they have already established. I want to add that I do feel a little suspicious and somewhat hesitant to represent these buyers. One of the investors says that he is the president of the LLC, and that he will be signing everything on the LLC’s behalf. What do you think?
Answer: In my opinion, what the investor said is a little bit of a red flag. An LLC does not have a president. It has members, and sometimes managing members, but no president. Perhaps the investor is using the word “president” loosely. Otherwise, people who have established an LLC generally know there is no president.
Whenever you have a question about an LLC or corporation doing business in California, you can look up the legal entity, the names of its authorized representatives, and other basic information in the California Secretary of State’s Business Search.
-Happy Presidents’ Day everyone!
Copyright© 2019 Berkshire Hathaway HomeServices California Properties (BHHSCP). All rights reserved. Any unauthorized reproduction or use of this material is strictly prohibited. This information is believed to be accurate as of February 18, 2019. It is not intended as a substitute for legal advice in individual situations, and is not intended to nor does it create a standard of care for real estate professionals.
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