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Organization Checklist for Member-Managed or Manager-Managed LLC or PLLC

Representation Ethics

← Who is your client? ________________________

← Is the engagement letter signed? yes ________ no ________

← Who is not your client? ________________________

← Has the “I don’t represent you” letter been sent? yes ________ no ________

← Are there conflicts with existing clients? yes ________ no ________

← Is it waivable? yes ________ no ________

← Has it been waived? yes ________ no ________

Form of Limited Liability Company (LLC)

← Nonprofessional LLC

← Member-managed: ________________________

← Manager-managed: ________________________

← Professional LLC

← Member-managed: ________________________

← Manager-managed: ________________________

Name of LLC

← Preferred name: ________________________

← Alternate possible names: ________________________________

← Name reservation: ________________________

← Assumed names: ________________________

Members

← Number: ________________________

← Names and addresses of initial members ________________________________

← Voting by interest or one vote per member: ________________________________

← Any nonvoting members: ________________________

← Percentage vote required: ________________________

← General rule: ________________________

← Specific actions requiring unanimous or other supermajority vote:

Amending articles and operating agreement: ________________________

Sale of all assets: ________________________

Dissolution: ________________________

Merger: ________________________

Transactions with managers or members: ________________________

Managers

← Number: ________________________

← Names and addresses of initial managers: ________________________________

← Restrictions on manager authority

← Sale of substantially all assets: ________________________________

← Transactions involving manager and LLC: ________________________________

← If multiple managers

← Percentage vote required for manager actions: ________________________

← Each manager has one vote or some other basis? ________________________

← Specific reporting requirements of managers to members? ________________________

Capitalization

← Contributions

|Member Name |Percentage Interest |Amount / Nature of Contribution |

|  |  |  |

|  |  |  |

|  |  |  |

← Any loans by members

|Member Name |Loan Amount |Repayment Terms |

|  |  |  |

|  |  |  |

|  |  |  |

← Securities laws

← Federal registration required? ________________________________. If not, what exemption applies? ________________________________

← State registration required? ________________________________. If not, what exemption applies? ________________________________

← Antifraud rules: disclosures to investors: ________________________________

Restrictions on Transfer of Membership Interests

← Any transfers permitted without unanimous consent? ________________________________

← To other members: ________________________________

← To a grantor trust: ________________________________

← Death or disability: mandatory or optional purchase? ________________________________

← Right of first refusal on desired transfers? ________________________________

← Life or disability insurance: any required to fund buy-out? ________________________________

Articles of Organization

← Organizer name and address: ________________________________

← Resident agent: ________________________________

← Registered office: ________________________________

← Typical optional provisions

← Management by managers: ________________________________

← Limited liability for managers/members: ________________________________

← Limitations on manager/member rights to bind the LLC: ________________________________

← Professional service description (for PLLC): ________________________________

Financial/Tax

← Accountant name and address: ________________________________

← Fiscal year: ________________________________

← Bank accounts

← Name of institution: ________________________________

← Authorized signatories: ________________________________

← Employer ID number: ________________________________

← Who will apply: ________________________________

← Information needed for application:

Address of principal place of business: ________________________________

County of business location: ________________________________

Date business started: ________________________________

Date of first wages: ________________________________

Nature of business: ________________________________

If manufacturing, principal product and raw material used: ________________________________

Peak number of employees in the next 12 months: ________________________________

Telephone number: ________________________________

← Michigan Department of Treasury and UIA registration:

← Who will file: ________________________________

← Information for filing: ________________________________

Distributions

← Distributions to pay taxes: mandatory? ________________________________

← Other distributions: mandatory in excess of operating needs or other bases? ________________________________

Operations

← Licenses: ________________________________

← Leases: ________________________________

← Bank loans: ________________________________

← Employment contracts: ________________________________

← Benefit plans: ________________________________

← Other: ________________________________

Documents

|  |Needed |Completed |

|Preorganization Agreement |  |  |

|Articles of Organization |  |  |

|Actions by Organizer |  |  |

|Minutes of First Meeting of Organizer |  |  |

|Operating Agreement |  |  |

|Actions by Unanimous Consent of the Members/Managers |  |  |

|Minutes of First Meeting of Members/Managers |  |  |

|Employer ID No Application (Form SS-4) |  |  |

|Michigan Department of Treasury and UIA (Form 518) |  |  |

|Promissory Note |  |  |

|Assignment of Assets |  |  |

|Membership Certificates |  |  |

|Banking Resolutions |  |  |

|Employment Agreement |  |  |

|Lease |  |  |

|Prepare LLC Record Book |  |  |

|Annual LLC Review Memorandum |  |  |

|Memorandum Regarding Doing Business in the LLC Form |  |  |

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