Buying and Selling Properties under LLC

I am about to take on the first rehab and have set up an LLC with a business partner. When it comes to buying or selling under the LLC can just one partner sign all documents? Do we need a power of attorney to allow one partner handle the settlements and signing of contracts etc.? If power of attorney works will it be necessary to have one for each deal?

if you have an attorney, ask them.

you do not need a power of attorney to conduct business.

it’s best that you ask an attorney though - however, be cautious with lawyers, many don’t really want to give you too much information. they like to keep their clients strung along.

LLC rules are little different in each state.

In LLC you can make both of you a “Managing Members”. This give either managing members a right to bind the company withany deal.

Further more you can assing a position, President and Vice President. Each of these office can also bing the llc to any deal…meaning closing papers… one can sing. Selling papers… one can go sing.

This is very normal as company do business every day and all parners are present or have pile of power of attorneies from each members.

I have done this in my previous LLC business. I an not a lawyer, but read your LLC Operating agreemetn. Create one if you don’t have one. This will layout all the rules and regulations and who can do what. You will need Operating agreement when you go close. I had a title company couple years a go look at my LLC Operating agreeemnt just to make sure I am the president and the position has the right to do deal on the LLC name.

Go for it. Ask the title company what they need. Create it and have it ready.

Good luck.

What can be done if one of the members is tone deaf and can’t sing? Sorry, couldn’t resist. :biggrin

What can be done if one of the members is tone deaf and can’t sing? Sorry, couldn’t resist. :biggrin
HEY!!! I represent that remark…!


all of these issues should be referenced in your management agreement.

don’t have one? get one. it’s an essential document.