My question involves business law in the state of: New York
Hello - I've recently started my first LLC in New York City. The LLC will engage in the business of trading financial derivatives and will have starting capital of $100,000. The capital/trading account will be with TD Ameritrade (my broker). I'll be the sole member of the LLC (trading my money).
My question is: If I end up passing away (I hope this doesn't happen of course!) will my wife have rights to terminate the LLC and withdraw any cash in the account (which I would want her to be able to)? My wife is neither a member nor a manager of the LLC (I've left her out of the LLC for compliance reasons as she works for an investment bank - although her employer has allowed me to engage in this business but prohibited me from trading equities). We don't have a pre-nup. Does her ability to have rights to the capital depend on LLC operating agreement? Or does it have more to do with TD Ameritrade? Or can I grant her permission in my will? Or does she have a claim no matter what? My apologies for my ignorance in all of this, my training is in finance.
I should probably consult with an attorney but would like to get some opinions here before I do so.
Much appreciated.
Hello - I've recently started my first LLC in New York City. The LLC will engage in the business of trading financial derivatives and will have starting capital of $100,000. The capital/trading account will be with TD Ameritrade (my broker). I'll be the sole member of the LLC (trading my money).
My question is: If I end up passing away (I hope this doesn't happen of course!) will my wife have rights to terminate the LLC and withdraw any cash in the account (which I would want her to be able to)? My wife is neither a member nor a manager of the LLC (I've left her out of the LLC for compliance reasons as she works for an investment bank - although her employer has allowed me to engage in this business but prohibited me from trading equities). We don't have a pre-nup. Does her ability to have rights to the capital depend on LLC operating agreement? Or does it have more to do with TD Ameritrade? Or can I grant her permission in my will? Or does she have a claim no matter what? My apologies for my ignorance in all of this, my training is in finance.
I should probably consult with an attorney but would like to get some opinions here before I do so.
Much appreciated.
Business Ownership: Single Member LLC - What Happens if I Were to Die
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