District of Columbia Secured Transactions Forms

We offer thousands of secured transactions forms. Some of the forms offered are listed by area below. For others, please use our search engine.

District of Columbia Secured Transactions Forms FAQ

What is a secured transaction?

A secured transaction is created by means of a security agreement in which a lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan. By creating a security interest, the secured party is also assured that if the debtor should go bankrupt he or she may be able to recover the value of the loan by taking possession of the specified collateral instead of receiving only a portion of the borrowers property after it is divided among all creditors.

What law governs secured transactions?

The Uniform Commercial Code is a model statute covering transactions in such matters as the sale of goods, credit, bank transactions, conduct of business, warranties, negotiable instruments, loans secured by personal property and other commercial matters. Article 9 of the Uniform Commercial Code covers most types of security agreements for personal property that are both consensual and commercial. All states have adopted and adapted the entire UCC, with the exception of Louisiana, which only adopted parts of it. General contract law principles will also apply.

What is collateral?

Collateral is the property that secures the debt and may be forfeited to the creditor if the debtor fails to pay the debt. Property of numerous types may serve as collateral, such as houses, cars, jewelry, shares of stock of a company, inventory, accounts receivable, etc.


Is an LLC Operating Agreement Required in DC?

Yes, an LLC Operating Agreement is required in DC and in the District of Columbia. An LLC Operating Agreement is a legal document that outlines the rules and regulations that govern the operation of an LLC, or Limited Liability Company. It helps to establish the rights and responsibilities of the LLC members, as well as the internal workings of the business. This agreement is important as it provides clarity and protection for all parties involved in the LLC. So, if you are starting an LLC in the District of Columbia, it is necessary to create an Operating Agreement to ensure a smooth and organized operation of your business.


DC Operating Agreement Laws

DC Operating Agreement Laws in the District of Columbia govern the way limited liability companies (LCS) are organized and operated. An operating agreement is a legal document that outlines the rules and regulations for running an LLC. It covers important aspects such as the distribution of profits and losses, management structure, and decision-making processes. In the District of Columbia, an operating agreement can be either written or oral, although having a written agreement is highly recommended for clarity and legal protection. It is important for LCS to comply with these laws to ensure smooth operations and avoid any potential disputes or conflicts.


How Much Does it Cost to Form an LLC in DC?

Forming an LLC in DC, or the District of Columbia, comes with specific costs that need to be considered. The fee for filing the Articles of Organization, the essential document needed to create an LLC, is $220. However, additional expenses may arise depending on the specific requirements of your business. For instance, if you need to purchase a Certificate of Good Standing, it costs $52, and if you prefer expedited processing, an extra $50 will be required. It's important to carefully assess all potential charges and fees to determine the total cost of forming an LLC in DC.


How to Form an LLC in DC?

Forming an LLC in DC, or the District of Columbia, is a straightforward process that can be completed in a few steps. Firstly, you need to choose a unique name for your LLC that complies with state regulations. Then, you must prepare and file the Articles of Organization with the DC Department of Consumer and Regulatory Affairs, which includes providing certain information about your business. Next, you'll need to designate a registered agent who can receive official documents on behalf of the LLC. Finally, it is essential to draft an operating agreement that outlines the internal rules and procedures of your LLC, although this document is not mandatory. By following these steps, you can successfully form your LLC in DC and enjoy the benefits of limited liability and organizational flexibility.


Step 1 – Establish Your Business’s Name

When starting a business in the District of Columbia, the first step is to establish a name for your business. This is an important decision as it will be how customers recognize and remember your business. You want it to be simple, unique, and representative of your brand. Take some time to brainstorm ideas and consider how the name will resonate with your target audience. Once you have decided on a name, make sure to check if it is available and not already registered by another business. This can be done by conducting a name search through the Department of Consumer and Regulatory Affairs (DORA) website. Once you have confirmed the availability of the name, you can proceed with registering it for your business in the District of Columbia.