A limited liability company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. Management of an LLC is vested in its members. An operating agreement is executed by the members and operates much the same way a partnership agreement operates. Profits and losses are shared according to the terms of the operating agreement.
A membership interest may be used to refer to the ownership interest of a member in the LLC. The word unit is often used to reflect the membership interests of a member in the LLC. Some LLC's issue membership interest certificates. To become a new member of the LLC the consent of majority of the members is necessary. A transfer of units of an existing member does not automatically include membership into the LLC.
A Contract to Sell Agreement with Assume Balance in the Philippines is a legally binding contract between a buyer and seller in which the buyer agrees to assume the remaining balance of a property that is subject to a mortgage or financing agreement. This agreement is commonly used in real estate transactions where the buyer takes over the existing loan obligation of the seller. In this type of agreement, the buyer and seller outline the terms and conditions of the assumption of the existing loan, including the purchase price, the remaining balance to be assumed, the interest rate, the repayment schedule, and any additional provisions or conditions. The contract ensures that both parties understand their rights and obligations, providing security and protection throughout the transaction. The Contract to Sell Agreement with Assume Balance sample in the Philippines may vary depending on the specific circumstances of each transaction. Some common types of these agreements include: 1. Residential Property Assume Balance Agreement: This type of contract applies to residential properties, such as houses, condominiums, or townhouses. It outlines the terms and conditions of the assumption of the existing loan secured on the property. 2. Commercial Property Assume Balance Agreement: This agreement is specifically designed for commercial properties, including office spaces, retail spaces, or industrial buildings. It includes provisions and conditions related to the commercial nature of the property and the specific requirements of the parties involved. 3. Land Assume Balance Agreement: In cases where the transaction involves the sale of undeveloped land or vacant lots with an existing loan, a Land Assume Balance Agreement applies. It may include clauses related to any existing permits, land use restrictions, or development plans. 4. Assume Balance Agreement with Conditional Assumption: In certain situations, the buyer's assumption of the existing loan may be subject to certain conditions. This type of agreement outlines those conditions explicitly, which might include credit checks, income verification, or approval from the lender. 5. Assume Balance Agreement with Earnest Money: Sometimes, the buyer might provide earnest money as a form of security deposit to the seller. This type of agreement specifies the conditions under which the earnest money will be returned or forfeited. It's important to note that these are just a few examples of the different types of Contract to Sell Agreement with Assume Balance samples commonly used in the Philippines. Each agreement should be tailored to the specific property, loan, and the needs of both the buyer and seller. It is advisable to consult with a lawyer or legal professional to ensure the agreement is in compliance with the applicable laws and regulations in the Philippines.
