Thanks for your response, Critter-3, but just to clarify, in my case there is no mention of partners -- the operating agreement refers to members. If there is some general law that says members of an LLC can also be referrd to as partners, then okay, but otherwise, to reduce confucion, we have members in our LLC.
Next, regarding any tricky tracking of calculating basis, if by that you are referring to a cost basis of equity percentage issue, that is not an issue as each of the two brothers adds an equal amount of money and owns 50% of the LLC. The third brother who is self sufficient would be a third member of the LLC just so he would be able to "manage" the business for his two brothers' benefit. No member would be removed from the LLC
So having said all that, can anyone answer definitively if a person can be a member of a New Jersey LLC without actually owning any equity in the LLC?
