Discusses the roles and responsibilities of LLC owners and managers, and methods for managing the business.
Business and Company Types: Understanding the different types of businesses and the differences between them, such as sole proprietorships, partnerships, LLCs, corporations, etc.
Legal Structure: Understanding the legal framework and requirements for setting up an LLC, including the relevant government forms and procedures.
Registering an LLC: Learning about the process of officially establishing an LLC, including registering with the state government and obtaining an EIN.
Taxation: Understanding the tax implications of having an LLC, such as different types of taxes required to be paid, tax credits, and other relevant tax codes, including state-specific laws.
Management and Leadership: Learning how to manage and lead an LLC, including delegating tasks, hiring employees, and managing finances.
Liability: Understanding the extent of personal liability for LLC owners or managers, protections through the LLC structure, and potential insurance options.
Capitalization: Understanding the various ways to fund the LLC, such as capital investments, crowdfunding, loans, and business grants.
Financial Management: Learning the basics of financial management for an LLC, including bank account management, budgeting, and creating financial statements.
Intellectual Property: Understanding the legal protections and options available for intellectual property such as patents and trademarks, to obtaining legal advice as needed.
Other Obligations: Understanding the other requirements and obligations for an LLC such as annual filings, regulatory compliance, and employee laws.
Operating Agreement: Understanding the importance of the LLC operating agreement, including its purpose, implementation, and its impact on ownership structure.
Exit Strategies: Understanding the options available for exiting a LLC or selling the company, such as mergers, acquisitions, transfer of ownership, etc. Understand the financial implications of each strategy.
Decisions And Resolution: Under this topic is understanding the steps to make good decisions, dispute resolution procedures, and appointment of officers.
Single-member LLC: Owned and managed by a single individual/owner, who is liable for all debts and obligations.
Member-managed LLC: All members have an equal say and responsibility in managing the LLC.
Manager-managed LLC: Members appoint a designated manager to handle daily operations and decision-making.
Corporate LLC: Operates like a corporation, with shareholders owning and overseeing the LLC's operations.
Series LLC: A single LLC with separate "series" or divisions, each with its own assets, liabilities, and members.
Professional LLC: Specifically designed for licensed professionals, such as lawyers, doctors, and accountants, who are prohibited from forming corporations.
Low-profit LLC: A hybrid entity that combines nonprofit and for-profit characteristics, allowing for limited liability and tax benefits while pursuing a social or environmental mission.
Cooperative LLC: Owned and operated by a group of individuals or businesses that work in cooperation, with profits shared equally.
L3C (Low-profit Limited Liability Company): A hybrid between a nonprofit and an LLC that operates primarily for charitable purposes.
Foreign LLC: An LLC that operates in a state or country other than the one where it was originally registered.
Public Benefit LLC: A specific type of LLC designed for businesses that prioritize public benefit or social welfare over profit-making.
Restricted LLC: A type of LLC that allows for the restriction of the transfer or sale of ownership interests to certain individuals, such as family members.
Self-directed IRA LLC: Allows individuals to use their individual retirement account (IRA) to invest in the LLC, providing tax benefits.
Unincorporated Nonprofit Association LLC: A hybrid entity that combines the benefits of an unincorporated nonprofit association with the liability protection of an LLC.
Series partners LLC: A hybrid entity that combines partnerships and series LLCs, with each series having multiple partners who are personally liable for partnership debts and obligations.