I am often speaking to new clients about setting up a web site and suggest they create an LLC. They then tell me that they have an LLC and I ask if they use it properly. Often the reply is, I just have one.

To limit your liability with an LLC, you need to inform the people you are working with that they are dealing with an LLC. To do this, you need to sign every email, document or other correspondence as follows:

Your Name, Managing Member
Name of LLC

Example,

John Doe, President
ABC, LLC

If you are signing a contract, but the word “By” in front of your name:

By John Doe, President
ABC, LLC

In my examples above, I used the title President instead of Managing Member. When you have the Organization Meeting of your LLC, you can assign a corporate title to the Managing Member. I always suggest to my clients they do that as people understand the title President and don’t often understand what a Managing Member is.

I mentioned an Organizational Meeting above. You need to have this meeting, even if you are a 100% owner of the LLC, (when you just meet with yourself.) You need to create minutes of this meeting, appointing the Managing Member, giving them a title, choosing an accountant, a bank and a lawyer.

Please feel free to contact me with any questions you may have concening this blog post.

Social Media Accounts And Inheritance Issues

Everyone eventually dies; some of us sooner than others. Even if you are young, an accident can shorten your life. Currently, there is no common law rights associated with the social media accounts of a deceased person. Therefore, it is a good idea to put into your will a clause which bequeaths the right to take control of your social media accounts to a person you trust.

Facebook has already faced this issue so many times that they have created a link on your Facebook page to name a legacy contact. Take a minute right now to do this by going to Settings then click Security and then click the Legacy Contact tab. At that point you can either assign a person you trust to control this account, or ask Facebook to simply delete it upon your death. I, myself, gave control to someone so that they could choose to create a page in my memory before deleting it forever at the appropriate time.

As I said above, even young people can die accidentally, so please don’t ignore this advice.