Quote: "An LLC is a hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship."
This type of LLC is registered in one state but transacts business in another state.
Definition of Foreign LLC: An explanation of what a Foreign LLC is and how it differs from a domestic LLC.
Formation of Foreign LLC: The process of setting up a Foreign LLC and the documents needed for registration.
Registered Agent: The role of a registered agent for a Foreign LLC and the requirements to become one.
Operating Agreement: An agreement that outlines the management and operation of a Foreign LLC.
Taxation of Foreign LLC: How a Foreign LLC is taxed by the state and federal government.
Annual Reports: The importance of filing annual reports for a Foreign LLC and the consequences of failing to do so.
Compliance with State Laws: The laws and regulations Foreign LLCs must comply with in the state where they are registered.
Liability Protection: The level of liability protection provided by a Foreign LLC for its members and managers.
Business Licenses and Permits: The licenses and permits necessary for a Foreign LLC to conduct business in a specific state or locality.
Termination of Foreign LLC: The process of terminating a Foreign LLC and the legal implications of doing so.
Name Availability Requirements: Requirements to ensure your LLC's name is different from other LLCs.
Service of Process: A business or entity appointed to accept service of legal documents on behalf of an LLC.
State Fees: The fees a Foreign LLC must pay to register in another state.
Business Licenses and Permits: The licenses and permits necessary for a Foreign LLC to conduct business in a specific state or locality.
Bank Account Requirements: Requirements to open a bank account for a Foreign LLC.
Amendment Requirements: These requirements may change from time to time especially tax and registration-related requirements.
Certificate of Compliance: An evidence that your foreign LLC is authorized to do business in the state where you are registered.
Business Laws specific to a certain state: Despite being a foreign LLC, it is still subject to state-specific business laws.
Single-Member LLC: This is an LLC that has only one owner, known as a "member." This type of LLC is popular among small business owners.
Multi-Member LLC: This is an LLC that has two or more owners, known as "members." Each member has equity in the LLC, and profits are distributed based on their ownership percentage.
Series LLC: A series LLC is a type of LLC that allows for the creation of multiple "sub LLCs," each with its own assets and liabilities. This type of LLC is popular among real estate investors.
Professional LLC: A professional LLC is specifically designed for licensed professionals, such as lawyers, doctors, and accountants. This type of LLC provides liability protection for the professional's personal assets while also allowing them to maintain their professional license.
Public Benefit LLC: A public benefit LLC is a type of LLC that operates with a specific social or charitable purpose, such as promoting environmental sustainability or developing affordable housing.
Low-Profit LLC: A low-profit LLC, also known as a L3C, is a type of LLC designed for businesses that prioritize social impact over profit. This type of LLC allows businesses to receive social investment capital and grants.
Quote: "LLCs are well known for the flexibility that they provide to business owners..."
Quote: "depending on the situation, an LLC may elect to use corporate tax rules instead of being treated as a partnership..."
Quote: "under certain circumstances, LLCs may be organized as not-for-profit."
Quote: "In certain U.S. states, businesses that provide professional services requiring a state professional license... may be required to form a similar entity called a professional limited liability company (PLLC)."
Quote: "The primary characteristic an LLC shares with a corporation is limited liability..."
Quote: "the availability of pass-through income taxation."
Quote: "When an LLC is formed, it is said to be 'organized', not 'incorporated' or 'chartered'..."
Quote: "its founding document is likewise known as its 'articles of organization'..."
Quote: "ownership in an LLC is represented by a 'membership interest'..."
Quote: "a document evidencing ownership rights in an LLC is called a 'membership certificate'..."
Quote: "it is more difficult to pierce the LLC veil because LLCs do not have many formalities to maintain."
Quote: "Membership interests in LLCs and partnership interests are also afforded a significant level of protection through the charging order mechanism."
Quote: "Limited liability company members may, in certain circumstances, also incur a personal liability..."
Quote: "in cases where distributions to members render the LLC insolvent."
Quote: "most American courts have held that LLC members are subject to the same common law alter ego piercing theories as corporate shareholders."
Quote: "Internal operations of an LLC are further governed by its 'operating agreement'."
Quote: "ownership measured in 'membership units' or just 'units' and at other times simply stated only as percentages."
Quote: "a 'member', rather than a 'shareholder'."
Quote: "it is a legal form of a company that provides limited liability to its owners in many jurisdictions."