Hi, I think this site is great and so far I'm getting alot of useful information from all the threads.

Now to my question:

I just formed an LLC in New York. The LLC consists of two other members. There is no "store-front" location because the LLC is going to be used for internet based business. Currently we plan on registering the two domain names as assumed or fictitious names with the secretary of state under the LLC.

The problem arises when discussing the disbursement of profits from the two domain names/businesses. One of the domain names/internet businesses was an exisiting partnership among the other two members. They have dissolved this partnership and are forming under the LLC carrying over their existing business.

The second domain name/internet business is new and it's profits will be shared among all of the LLC's members. So my question really is whether or not you can seperate assumed business profits under one LLC without a member sacrificing equity in the company.

Currently our operating agreement is setup so that each member holds 33 1/3% of the company and it is member-managed. Would it be smart to make the LLC manager-managed and appoint the two other members of the llc to handle that assumed business so any profits from that business will be theirs and can be appropriately taxed for? I'm not sure how we should go about splitting profits among the assumed businesses so we all get taxed appropriately...I think you get my drift.

Sorry if this was long and wordy but I'm very confused about this matter.
Thank you.