Bob, Larry, and Curly want to invest their money together. Bob will be the active investor and Larry and Curly will only contribute capital. They set up two companies: Company M (management company) and company P (pool of money company). Both companies are LLCs in the United States (assume Delaware if it matters). Company P is just a vehicle to own assets. Larry and Curly each own 50% of company P. Bob owns 100% of company M. Company M earns a 30% performance fee on all returns and charges no fees on assets owned by company P.
Q1: Can a non-natural person (i.e. company M) be the only director / manager of company P? If not, how would company M exert its managerial power over the assets held by P?
Q2: How does Bob, who has no direct role in company P, open a brokerage account and move money from company P's bank account to the brokerage account? Also, presumably the brokerage account should be owned by company P also, so how does Bob even open the account? I've signed up for one or two business accounts years ago and they asked for information about the person representing the business, but in this scenario the representative of company P is another company M and then Bob is the representative of company M... inception! How would this actually work?
Thank you so much to anyone who can help shed light on this matter!!