The following graph identifies the “standard” legal rules that apply to limited liability companies in Georgia if no agreement to the contrary is reached. Any such rule may be modified by the adoption of an alternative rule in the Organization`s articles, the written enterprise agreement or any other document as indicated. The following names apply to the rest of this graph: 4.3 POWERS OF MANAGERS. Executives are empowered, on behalf of the company, to make all decisions regarding (a) the sale, development leasing or other disposal of the company`s assets; (b) the acquisition or acquisition of other assets of any kind; (c) the management of all or part of the company`s assets; (d) borrowing money and granting security shares in the company`s assets; (e) the advance, refinancing or renewal of a loan that affects the company`s assets; (f) the threat or release of the company`s debts or debts; and (g) the employment of people, businesses or businesses for the operation and management of the business. In exercising their management powers, managers are empowered (a) to execute and deliver all contracts, assignments, divestitures, subleases, franchise agreements, licensing agreements, management and maintenance contracts covering or affecting the company`s assets; (b) all cheques, projects and other orders to pay the company`s resources; (c) all notes to order, loans, security agreements and similar documents; and (d) any other instrument that relates to the affairs of the company, whether it is or otherwise than the above. The State of Georgia does not require an enterprise agreement. However, this is highly recommended, even if there is only one member of the LLC. This legal document lists all operating processes and ownership of the LLC. The agreement is only an internal document, so it is not necessary to submit it with the State of Georgia. It should be kept with the company`s business documents. 7.1 ALLOWANCE. When a member proposes, at any time, to sell all or part of his or her interest in the company, that member must first submit a written offer to sell those shares to the other members at a price determined by mutual agreement.
If these other members refuse or do not vote for these interests within 30 days, and if the sale or transfer takes place and the members do not unanimously authorize the sale or transfer, the purchaser or assignee is not entitled to participate in the management of the company, in accordance with the statutes of Georgia Limited Liability.