For Precision Door Service, who has the authority to bind the Limited Liability Company?
Precision_Door_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
Neighborly Assetco LLC ("the Limited Liability Company") was formed pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq.), as amended from time to time (the "Act").
The Limited Liability Company is governed by a Limited Liability Company Agreement in which management of the Company is vested in the member ("the Member"), the Manager, who has all powers, statutory or otherwise, possessed by members of a limited liability company under the laws of the State of Delaware. The Member has the authority to bind the Company.
The Member may appoint officers of the Company and may revoke delegated authorities and duties at any time by the Member.
Source: Item 21 — Financial Statements (FDD page 91)
What This Means (2025 FDD)
According to the 2025 FDD, the entity that owns Precision Door Service, Neighborly Assetco LLC, is governed by a Limited Liability Company Agreement. The Member of the LLC has the authority to bind the company. The Manager also has powers, but the Member's authority is explicitly stated.
This means that the Member has the legal power to enter into agreements and make decisions on behalf of Neighborly Assetco LLC, which in turn affects Precision Door Service. The Member can also appoint officers and revoke their duties at any time.
As a prospective Precision Door Service franchisee, it is important to understand who the Member is, as this entity ultimately controls the company and its strategic direction. Understanding the Member's role can provide insight into the stability and decision-making processes of the franchise system.