LLC Certificate of Membership
Membership in a limited liability company is divided into units and the units are transferred using certificates, just like stock certificates.
In order to transfer the units of membership to your IRA, which will become the member of your LLC when funds are transferred from your IRA Custodian to the Self Directed IRA LLC bank account , you will need to complete a Certificate of Membership.
It is not legally necessary to issue membership certificates, but sometimes the formality is needed to evidence ownership of the LLC. There is no state required format for membership certificates, but most will show the name of the member and the date of issuance of the certificate. Certificates are signed by one or more LLC officers, typically the President and Secretary. A certificate normally does not show the exact capital, profits or voting interest of a member, instead it recites the member is entitled to the rights and subject to the responsibilities of membership as set out in the Articles of Organization and the Operating Agreement of the LLC.
State lawgenerally requires the LLC to keep an alphabetical list of the names and addresses of all current members of the LLC, which can be inspected by any member during normal business hours of the LLC. If the LLC is managed by specially selected managers, a list of the managers names and addresses should also be maintained.
You should keep a record of the date and details of any transfer of memberships in your LLC. Typically, a membership transfer ledger showing the name of the transferring member, the date of transfer of the membership, and the name of the transferee. If the transferring member was originally issued a certificate of membership, the certificate should be returned to the LLC and marked “canceled” by the LLC Secretary and attached to the transfer ledger.
Certificates will be imprinted with your limited liability company name and State of formation. You simply complete the name of owner and ownership.
Most LLC kits come with membership certificates. Certificates will be imprinted with your limited liability company name and State of formation.
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