The Utah Application for Authority to Transact Business for a Tribal Series Limited Liability Company (LLC) is a form that tribal entities must complete in order to legally conduct business in the state of Utah. The application serves as a registration with the Utah Division of Corporations and Commercial Code, and it requires the filing of specific information related to the LLC, including the name of the LLC, its address, the names and addresses of its members, and the name and address of its registered agent. This form is necessary for any Tribal Series LLC to operate within Utah. There are two types of Utah Application for Authority to Transact Business for a Tribal Series Limited Liability Company: a standard form and an expedited form. The standard form requires more information than the expedited form and takes longer to process.
Utah Application for Authority to Transact Business for a Tribal Series Limited Liablility Company
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How to fill out Utah Application For Authority To Transact Business For A Tribal Series Limited Liablility Company?
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FAQ
The main difference between a series LLC and a traditional LLC is in terms of liability and exposure. In a suit filed against a traditional LLC, all assets are available. In a suit filed against a Series LLC, only the assets within the specific ?cell? being sued are available.
A Foreign Series Limited Liability Company is formed by one or more individuals or entities through a special written agreement. The agreement details the organization of the LLC including: provisions for management, assignability of interests, and distribution of profits or losses.
With a Series LLC, a holding company can hold all individual businesses under a single umbrella while mitigating the risk of one business' assets being used to satisfy the debts or liabilities incurred by another of its businesses.
"Foreign limited liability company" means an unincorporated entity formed under the law of a jurisdiction other than this state, which would be a limited liability company, including a low-profit limited liability company, if formed under the law of this state.
To withdraw or cancel your foreign LLC in Utah, you must provide the completed Application for Withdrawal of a Foreign Limited Liability Company form, along with a Tax Clearance Certificate, to the Division of Corporations & Commercial Code by mail, fax or in person.
If you want to make sure your assets have good, solid protection, it's a much better idea to avoid corporate structures that don't provide reliable protection. Avoid series LLCs as a form of protection until a definitive case law is established and rely instead on known, tested entities such as individual LLCs.
All businesses in Utah are required by law to register with the Utah Department of Commerce either as a "DBA" (Doing Business As), corporation, limited liability company or limited partnership. Businesses are also required to obtain a business license from the city or county in which they are located.
A Foreign Series Limited Liability Company is formed by one or more individuals or entities through a special written agreement. The agreement details the organization of the LLC including: provisions for management, assignability of interests, and distribution of profits or losses.