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Free Preview Limited Liability Company
Description Assignment Ownership
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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Ownership Form Document FAQ
How do I change the percentage of ownership in an LLC?
How do you sell a percentage of an LLC?
How are interests assigned to an LLC?
How do you value ownership interest?
How is the sale of an LLC taxed?
Can I sell my half of an LLC?
How do you split ownership of an LLC?
How do you transfer ownership interest in an LLC?
How do I transfer my LLC interests?
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