Michigan  |  Business Law

Legal Question

Asked on: 12/23/10, 1:36 pm

I am starting a new LLC with a partner. My partner wants to bring in someone else to contribute to the accounting, grant writing, and to assist in some of the businesses day to day structure. In exchange for a their services they are going to bill us for their services either by the hour or by the assignment. We do not have to pay the funds upfront but we are expected to give a percentage of our LLC in the amount of 10% based on the work provided. They will not be an official member or be entitled to make an corporate decisions, they will only have a cash interest based on the work they provide at the rate we agree upon.

In this case what should be the official title of that person? Would they be an assignee or something to that effect?

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