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A limited liability company is an innovative business structure that’s easier to operate than a corporation, provides protection against its owners as far as personal liability for business debts and delinquencies, and allows owners to avoid the burden of double taxation that attaches to a regular corporation. An LLC, therefore, combines the most favorable aspects of a sole proprietorship or partnership plus a corporation.
Oftentimes a limited liability company or LLC is a business entity is best intended for smaller or individualized membership collectives—such as a real estate investment group whose members in turn create a separate LLC beneath the main LLC for each real estate project they undertake.
Going to the expense of hiring an attorney to help your form your LLC is not necessary. There’s no law that requires you to use an attorney for the LLC formation process. In fact, you may prepare all the necessary paperwork yourself—if you have the time, energy and procedural understanding. We would urge you to take advantage of LegalCPU’s expertise and fast turnaround time in the formation process.
LegalCPU can handle your LLC formation with ease. All you need do is supply us with your basic information, either online or by telephone. We’ll take care of everything else—including the preparation and filing of all required legal documents with the appropriate governmental office of your chosen state. We’ll also follow up by sending you an LLC package that includes seals and certificates for your approved LLC formation documents.
The minimum membership requirement in each of the 50 U.S. states, as well as the District of Columbia, is one person. Keep in mind that one-member LLC's fall into a very specific category. You can elect to be treated as sole proprietorship or as a corporation or disregarded entity.
Like the partner in a partnership, and the stockholder or shareholder of a corporation, the owner of an LLC is known as a member. Managers, selected by the LLC members to manage the business, are similar to directors of a corporation. Just as a director of a corporation can also be a shareholder, a manager of an LLC can also be a member.
There are 3 basic documents you’ll need to create and file in the formation of your LLC. The first is your LLC’s articles of organization, usually a one-page form that states the name of your LLC, the purpose of your LLC, your registered agent and the names or your members or managers if they’re known at the time of filing. This document, sometimes known as a Certificate of Formation, must be filed with the Secretary of State or similar state agency in your chosen state(s). Unless you’re a single-member LLC, it’s sound business to have all the LLC partners to draw up an operating agreement. Although entering into this type of contract defines and delineates issues that include ownership percentages and responsibilities in the running of the LLC, it could prevent confusion and misunderstanding down the line. You will also probably need to apply for a federal tax ID number.
An operating agreement is a formal document that sets forth the basic understanding by and among LLC owners as to how the LLC will exist, be managed and be run. It’s an internal compilation of issues agreed to by all the members of the LLC. It is not required by law that your LLC have an operating agreement, but it is a sound business practice to have such an agreement in place to avoid confusion and problems.
An operating agreement usually sets forth the names of the members and their corresponding ownership percentages, what is expected of each member or manager as far as business conduct and performance, procedures for transferring ownership interests or assigning profits and losses, terms for adding or removing members, and conditions under which the LLC may be dissolved. Any other point of concern as far as LLC operation or existence may be included in the agreement.
The risk you run by not having an operating agreement in place, in addition to internal confusion, is that your LLC’s limited liability status could be placed in jeopardy. Without an operating agreement, your LLC could also be forced to operate in accordance with your home state’s default operating requirements rather than the way that you as owners would prefer that your company operate. In projects taken on by your LLC in which a good deal of capital or a substantial line of credit is at stake, some lending institutions may require your LLC to have an operating agreement.
- Overview
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- Why LegalCPU?
Limited Liablity Company (LLC) Overview:
Protection of Personal Assets, Ease of Operation
Shield your personal assets the way a corporation does and enjoy ease of maintenance with a Limited Liability Company, or LLC—that’s the name of the game with this type of corporate structuring. An LLC business structure combines the most favorable aspects of a sole proprietorship or partnership and a corporation. Owners of an LLC enjoy protection against being held personally liable for business debts. You also avoid the double taxation that attaches to the regular corporate structure, since capital gains, tax credits and other tax items are allowed to pass through from the business to the member’s individual income tax return. With these advantages, it’s understandable that this type of structure is gaining in popularity as the professional’s business entity formation of choice.
Protect your personal assets and enjoy easier business operation by letting LegalCPU.com set up your limited liability company in three easy steps. Call 866-662-5467 to speak to one of our team members. LegalCPU — we get it done right!
LLC - How it works:
You won’t have to read any complicated instructions, and there’s nothing to print out or put together on your end. LegalCPU has eliminated the stress of the business formation process with just 3 Easy Steps...
Information:
Start by filling out a precise online questionnaire developed by our staff of legal advisors. Part of the LegalCPU guarantee is that our professionals handle every order personally and that your data remains confidential. Our online questionnaire is free, safe & secure! You can save your work & return to it at any time. You may also call us toll free at 866-662-5467. Preparation:
As soon as we receive your completed questionnaire, the experts at LegalCPU perform a thorough review of your information — including a check for accuracy and to make sure that nothing has been overlooked. We then fill out all the necessary paperwork and file all required documents with the appropriate state or federal agency. Completion:
Once your formation documents are approved, we’ll send you a completion package directly to your doorstep. Whether you choose to form an LLC, an LLP or a corporation, all you have to do is sit back and let the specialists at LegalCPU take care of business.
Limited Liability Company Prices:
- Easy! Make only one online visit or call to our online document processing center — we do the rest.
- Affordable! Much less than attorney’s fees and competitive in the online market.
- Fast! We start processing your order within 24 hours or less!
- Personal! We take pride in the services we offer and guarantee your satisfaction.
We’ll then prepare & file your Articles of Organization.
Upon completion of your filing, the original Articles of Organization will be mailed to you immediately.
3 Easy Steps
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