My question involves business law in the state of: New York
My sister in NY owns a single member LLC in which she, of course, is the single member and has no employees.
She would like to add me as a member in an advisory capacity. I don't require any ownership interest, voting rights, management responsibility or share of profits. I would not be making a capital contribution, just providing a service.
I have checked the NY LLC statutes and they don't appear to address that issue one way or the other and allows an LLC to do just about anything the Operating Agreement allows it to.
Is it possible to add a member who would not have any ownership interest, voting rights, management responsibility or share of profits?
I am already aware that a two member LLC is treated as a partnership for tax purpose so we need not go into that.