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A Limited liability company (LLC) is a business structure that offers limited liability protection and pass-through taxation. As with corporations, the LLC legally exists as a separate entity from its owners. Therefore, owners cannot typically be held personally responsible for the business debts and liabilities.
To form an LLC articles of organization must filed with a central state agency- usually the secretary of states office typically, the articles must include the name of the business its principal address , the name and address of registerd agent, the members names, and how the LLC will be managed .
All articles of organization filings tend to require basic information about the company's business name and address, the names and addresses of members of the LLC, the names and addresses of its managers, organizers, and directors, and the name of the business's registered agent, and a statement of the business ...
Elements of an LLC Limited Liability Companies (LLCs) are one of most popular entity types - and for good reason. ... Formation Document. ... Operating Agreement. ... Members. ... Manager. ... Meeting Minutes. ... Company Seal (Electronic or Stamp) ... Employer Identification Number (EIN)
Disadvantages of creating an LLC Cost: An LLC usually costs more to form and maintain than a sole proprietorship or general partnership. States charge an initial formation fee. Many states also impose ongoing fees, such as annual report and/or franchise tax fees.