Puerto Rico Security Agreement regarding Member Interests in Limited Liability Company
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How to fill out Security Agreement Regarding Member Interests In Limited Liability Company?
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FAQ
To open an LLC in Puerto Rico, you must start by selecting a unique name that complies with local regulations. Then, you will need to file the Puerto Rico Security Agreement regarding Member Interests in Limited Liability Company with the Department of State. After that, you should obtain the necessary licenses and permits before officially launching your business.
If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other Person to secure payment and performance of an Account, such Grantor shall be deemed to have assigned such security interest to the Collateral Agent.
When membership units/interests are uncertificated, they are general intangibles under the Uniform Commercial Code (UCC).
Under Article 9, a security interest is created by a security agreement, under which the debtor grants a security interest in the debtor's property as collateral for a loan or other obligation.
If the membership interests are securities, then you perfect by taking possession or control of the securities or both. If the membership interests are certificated, then you perfect by taking possession of the certificates and by taking control by having the security interest noted in the company's records.
A membership interest represents a member's ownership stake in an LLC. A person who holds a membership interest has a profit and voting interest in the LLC. Ownership in an LLC can be expressed by percentage ownership interest or membership units.
Membership certificates are documents LLCs use to note individual members' ownership in the company (much like how a corporation issues stock certificates to shareholders).
The members of an LLC can decide how to operate the various aspects of the business by forming an operating agreement. An operating agreement is not required for an LLC to exist, and if there is one, it need not be in writing. LLC members should protect their interests by creating a written operating agreement.
However, generally speaking, the primary ways for a secured party to perfect a security interest are:by filing a financing statement with the appropriate public office.by possessing the collateral.by "controlling" the collateral; or.it's done automatically upon attachment of the security interest.
To perfect a security interest in general intangibles, a lender must file a proper financing statement in the UCC filing office in the state where the debtor is deemed to be located under the UCC (typically, the state where the debtor is organized).