Quote: "An LLC is a hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship."
Outlines the steps involved in registering a Limited Liability Company and securing the proper documentation.
Business Formation: This topic covers the process of starting a business and the various types of business structures available.
Legal Considerations: This topic covers the legal requirements and considerations for starting and running a business, including licensing and permits, liability protection, and contract law.
Articles of Organization: This topic covers the legal document required to form an LLC, which includes information about the company’s name, purpose, management structure, and ownership.
Operating Agreement: This topic covers the legal document that outlines the day-to-day operations and management of the LLC, including ownership distribution and decision-making processes.
Tax Considerations: This topic covers the tax implications and requirements for LLCs, including federal and state tax filings, employer identification numbers, and tax deductions.
Registered Agent: This topic covers the requirement for LLCs to have a registered agent, which is a designated person or entity responsible for receiving legal and tax documents on behalf of the company.
Annual Reports: This topic covers the requirement for LLCs to file annual reports, which provide updated information about the company’s ownership and management structure.
Trademarks and Intellectual Property: This topic covers the protection of the company’s name, logos, and other intellectual property through trademark registration.
Compliance: This topic covers the ongoing compliance requirements for LLCs, including maintaining accurate financial records, complying with state laws and regulations, and meeting annual reporting requirements.
Dissolution: This topic covers the process of dissolving an LLC, including the legal requirements and considerations for winding down operations and distributing assets.
Single-Member LLC: This is the simplest and the most common LLC formation. It has a single owner, who is also responsible for the company's debts and obligations.
Multi-Member LLC: As the name suggests, this LLC has more than one member or owner. The liability is divided among members, and the company's income is also shared among them.
Series LLC: This type of LLC allows you to create separate series within the same company, each with its own assets, liabilities, and members. This provides additional protection to members if one series is sued or faces financial trouble.
Professional LLC: Also known as a PLLC, this formation is specifically for licensed professionals, such as doctors, lawyers, or accountants. This allows them to limit their personal liability while practicing their services.
Low-Profit LLC: This is a unique type of LLC that exists for charitable or educational purposes. This enables the company to receive tax benefits as well.
Domestic LLC: An LLC formed in a particular state.
Foreign LLC: An LLC registered in a state where it's not originally formed.
Series LLC: An LLC that consists of one master LLC and one or more subsidiary LLCs with separate assets and liabilities.
Member-Managed LLC: An LLC in which all members have equal decision-making power.
Manager-Managed LLC: An LLC in which the members appoint a manager or a group of managers to run the company.
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."