A limited liability company does just what it says — it provides limited liability to business owners in most jurisdictions. It can be very simple to set up an LLC, especially if all you want is a legally-sufficient entity. But there could be more to it.
Most states also have what often is called a certificate of formation, though it may have other names. This is a filing with the state that notifies people that you are using your LLC and the name you are using. Typically, you also include information about your registered agent, ownership, and who controls and manages the company. Requirements vary from state-to-state.
The process can be more complicated. Even a single-owner LLC will want certain provisions set up in its LLC agreement to not only protect the owner from liability but to prepare for unexpected events. Ownership needs to be clear. If the LLC has more than one owner, even more provisions are needed to deal with death, disability, divorce, and disagreement. Anything that happens to the business owners – that’s life – can impact the business.
If you really want to set up your LLC right, make certain it does what you want to be done and that you’re going where you want to go. What’s your experience? How did your LLC formation go? Let us know your thoughts and experiences.
Each case is unique. Past results do not guarantee future outcomes. This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. FreeImages Photographer Odan Jaeger.
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