Connecticut Sale and Assignment of a Percentage Ownership Interest in a Limited Liability Company

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Description

A limited liability company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. Management of an LLC is vested in its members. An operating agreement is executed by the members and operates much the same way a partnership agreement operates. Profits and losses are shared according to the terms of the operating agreement.


A membership interest may be used to refer to the ownership interest of a member in the LLC. The word unit is often used to reflect the membership interests of a member in the LLC. Some LLC's issue membership interest certificates. To become a new member of the LLC the consent of majority of the members is necessary. A transfer of units of an existing member does not automatically include membership into the LLC.

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FAQ

You don't need an operating agreement for your Florida LLC. But even though Florida law doesn't require you to have one, the many benefits of having a strong operating agreement means creating one makes good business sense.

written operating agreement is essential for your singlemember or multimember LLCs as it helps to: Maintain control and management of the business. Avoid North Carolina's imposed default rules. Clarify the business' succession plan.

The members of an LLC are required to adopt a written Operating Agreement. See Section 417 of the Limited Liability Company Law. The Operating Agreement may be entered into before, at the time of, or within 90 days after the filing of the Articles of Organization.

Do you need an operating agreement in Connecticut? No, it's not legally required in Connecticut under § 34-243d. Single-member LLCs need an operating agreement to preserve their corporate veil and to prove ownership.

An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed below. Most new single-member LLCs classified as disregarded entities will need to obtain an EIN. An LLC applies for an EIN by filing Form SS-4, Application for Employer Identification Number.

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Connecticut Sale and Assignment of a Percentage Ownership Interest in a Limited Liability Company