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Independent Manager Series – Pt Two

I need an Independent Manager, now what?

In the first part of the series I outline what the Independent Manager is, and what role they play with the LLC.  In this part of the series, I outline how a typical engagement proceeds.  Working with Incserv as an Independent Manager is easy.

      1.)  Initial Reach Out

Establishing an Independent Manager relationship is easy! – But it is an iterative process.  Before the engagement starts, we will need a copy of the Operating Agreement so we can learn what your needs and expectations are for the Independent Manager.  Clarifying questions or follow ups may fall out of this document.

      2.)  Complete an Engagement Contract

Once it is determined that we can assist with your needs, we will send an Engagement Contract.  This is a separate agreement that outlines each party’s role with respect to the relationship.

      3.)  Sign the Necessary Documents

Once the Engagement Contract and Operating Agreement are agreed upon, all parties sign the documents!  We will require a set of signed documents for our records, and we are complete.

We can move QUICKLY!  It is important to make us aware of any deadlines so we can make sure your expectations are met.  While engagements can usually be processed in hours, if the operating agreement is complex or if you need multiple managers, we may need additional time for document review.  It’s always best to reach out as soon as you are aware you will need a manager so we can begin the iterative process!

If you would like to learn more about the process, or are ready to hire an Independent Manager, you can reach out to us info@incserv.com.  We look forward to hearing from you!

Josh Twilley, President

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Independent Manager Series – Pt One

Is an Independent Manager right for you?

With real estate markets heating up, there has been a growing number of requests for Independent Manager services.  This post outlines what this service is, and the next post in the series outlines how a typical Independent Manager engagement works.

An Independent Manager is one type of “Independent Representation” engagement that we offer – the others being Independent Director (in the case of a Corporate entity type), Springing Member (which is a dormant member/manager/director who is called into action if certain conditions are met), and Special Member (a broad term for an independent member whose role is defined in the operating agreement).  The Independent Manager refers specifically to a manager for an LLC.

What is an Independent Manager?

An Independent Manager is a manager of an LLC who is independent of the owner/operators of the LLC, and has no financial relationship with the LLC.  The operating agreement typically outlines the roles and responsibilities of the independent manager, which is usually very narrow in scope.  The independent manager is NOT an active manager of the entity, but generally sits in the background until needed.

Why would an entity require an Independent Manager?

The Independent Manager is generally a lender driven request – a bank or financier would require an Independent Manager to sit on the board and operate in the interest of the lender.  This interest is outlined in the operating agreement, but generally it is to prevent the LLC from going insolvent or declaring bankruptcy.  This is an added protection for the lender to make sure their investment is secure.

Are there other uses for an Independent Manager?

From time to time we receive requests for Independent Managers to be the sole manager of the entity – generally to keep the true owner hidden.  There are many risks associated with this type of engagement, and we will NOT contract for these purposes.

If you have any questions about the Independent Manager, feel free to email us at info@incserv.com!

Josh Twilley, President

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Pt 9: UCC Searches – Multiple Debtors, Multiple Jurisdiction Searches

For our final installment in our series on The Perplexing World of Uniform Commercial Code Demystified, we’ll outline What is Needed for a Multiple Debtor, Multiple Jurisdiction Search.

Per our last post, you know Incserv has you covered for the large UCC projects.  However, how do you prepare to send it to Incserv?  What does Incserv need from you to ensure that when the go-button is pushed, you don’t have to worry about a delay?  Don’t fret, we’ve got you covered there too…Here is the information we need to process your large UCC requests.  These can come in the body of an email, or, more commonly, as an Excel spreadsheet.

  • Debtor Names:
    • Companies
      • Full names, including corporate endings
      • Possible DBA names
      • Previous names
    • Individuals
      • Full legal names including middle initial
  • Jurisdictions; States:
    •  Companies
      • Domestic State of Incorporation
      • Principal Place of Business (optional)
    • Individuals
      • State of residency
      • Prior State(s) of residency (optional)
  • Jurisdictions; Counties:
    • Companies
      • Domestic State of Incorporation Office Location County or Registered Agent County
      • Principal Place of Business County and State (optional)
    • Individuals
      • State of residency County and State
      • Prior State(s) of residency County and State (optional)

You can request a Debtor Due Diligence Search nationwide with us today either online or by sending your request to orders@incserv.com.  Please give us a call if you have any questions or would like additional information.   We look forward to hearing from you and hope you’ve enjoyed this series!

 

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The Labor Day Holiday!

Happy Labor Day!  For most people, Labor Day is the ultimate long weekend – it’s the end of summer and the beginning of fall, celebrated by many by heading to the beach, enjoying family BBQs, or spend time relaxing by the pool.  It is a weekend of celebrations, which is appropriate because Labor Day itself is a celebration of the achievements of the American workers and the contributions they have made to the prosperity of our country.

Here are a few facts about Labor Day:

  • The first Labor Day occurred on Tuesday, September 5, 1882 in New York City, planned by the Central Labor Union.
  • Oregon was the first state to make Labor Day a holiday in 1887.
  • It was established nationwide as a holiday in 1894.
  • The eight-hour workday was established in 1916.

However you choose to celebrate the end of summer on this Labor Day, take a minute to thank yourself and all of the hard-working Americans who helped to build this nation – past, present, and future.

 

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