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Your step-by-step guide — add trustee company
Using airSlate SignNow’s eSignature any business can speed up signature workflows and eSign in real-time, delivering a better experience to customers and employees. add trustee company in a few simple steps. Our mobile-first apps make working on the go possible, even while offline! Sign documents from anywhere in the world and close deals faster.
Follow the step-by-step guide to add trustee company:
- Log in to your airSlate SignNow account.
- Locate your document in your folders or upload a new one.
- Open the document and make edits using the Tools menu.
- Drag & drop fillable fields, add text and sign it.
- Add multiple signers using their emails and set the signing order.
- Specify which recipients will get an executed copy.
- Use Advanced Options to limit access to the record and set an expiration date.
- Click Save and Close when completed.
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Add trustee company
H. Lee Phillips here. Want to talk to you about how to put an LLC into a trust. One of the things that estate planners often forget and your corporate or your LLC attorneys often forget is that an LLC or corporation or a limited partnership or whatever it is is an asset and it requires your signature in order to transfer. The whole estate planning avoiding probate deal is to put assets into a living revocable trust that require your signature after you're dead you can't sign but if we put them in the trust the trust owns them the new successor trustee guy they can sign and away you go no probate. The thing that's often forgotten is your little company your LLC your corporation whatever it is. How do you get a little company into your trust so it doesn't have to be probated? And the fact is like 95% of all companies in the United States fail after the founder, the owner dies one of the problem is this the doctor dies by the time we get his practice, his company through the probate we've lost all the clients and everything else the patients the practice isn't worth anything anymore. So let's take and assume that you already have an LLC or a corporation and it's basically going to be the same procedure. What we're going to do is we've got to change ownership of the company from you to the living revocable trust and I don't know how many YouTubes I've said this in or how many times I said it there are three parts to the name of your trust the first part is the name of the trust their "Ugly Light Trust" trust or whatever it is the date the trust was created on under agreement or U/A 10/31/18 whatever it is and the trustee's name Trustee John Doe Trustee Those are the three parts those have to be on the ownership documents of your company. What are the ownership documents? Well in some states it's required that you list the members of the LLC or even the shareholders of a closely held corporation so you may have to go to the state and change paperwork of the state that depends upon which state you're in you can call the state ask them, say I'm I I'm changing the ownership of my company from me to my living revocable trust or for me to my brother or whatever it is and ask if you need to file with the state. Some states require that you have a filing every year with them and on that form it asks if you added any members, if you added any stockholders and you can make the change there. If not, you can amend your Articles of Organization or your Articles of Incorporation or whatever it is at of the state and add the name of the trust take your name off your name is not gonna be there anymore the trust name is going to be there then there are internal places where you have to make that correction these are your paperwork's one you've probably listed your members or your stockholders on your operating agreement for the LLC or the bylaws of the corporation that's not uncommon to have the owners listed there your name's gonna be on the paperwork associated with the operating agreement you're gonna have to go in, make an amendment to the operating agreement there will be a section a paragraph in your operating agreement that tells you how the operating agreement, or the bylaws in the corporation, can be amended you got to follow that paragraph it's gonna require a vote of the members approval of the members it's gonna require the approval of the manager it's gonna tell you how it is to be taken care of that's fine go in, take care of it that way that means you're gonna have to have a meeting that says, "Resolved, we amend the operating agreement such-and-such a date." You don't even need to say why or what you amended in those minute meetings that's another YouTube how to take minutes in your LLC or your corporation but you make that entry in the minutes and then you make the amendment and show the new ownership not your name but the trust's name name of trust, date of trust, trustee on that paperwork. now you should have and often we don't Right? shouldn't do that but you should have basically a stock ledger or a membership ledger and on that you write down certificate number one issued to you your name, such-and-such a date you're going to pull back the stock certificate or the membership interest certificate for the LLC you're going to pull that back and you're going to write right "Void" on it put that in the file in in the paperwork with the company and then you're gonna issue stock certificate or membership certificate number two and that's going to be to living revocable trust name date trustee and you're gonna make out a new membership certificate like a stock certificate and you are going to change the log on the certificate number one you write "Voided such-and-such a date replaced by certificate number two" and it goes to the living revocable trust we have now moved ownership of your LLC from you to your living revocable trust now you're the trustee you do everything just like you always did no problem but when you die you don't own it and we don't have to probate it it's a big deal. This is Lee Phillips talking on how you would move ownership of a corporation or an LLC from your name into your living revocable trust's name
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