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Limited Liability Company Formation

In order to form a limited liability company, also known as an LLC, there are certain considerations to review at the beginning, which must then be followed up with the applicable corporate formation procedure. Considerations include how the LLC will be managed, who will serve as the officers of the LLC, what are the assets of the company and how the earnings will be distributed. Once these matters are resolved, the LLC must be formally established. Each state has its own laws which specify the procedure in which the LLC must be established. Generally, the LLC must contain a name which is not already in use. This name should be checked for availability at the outset of the filing process. Once the name is verified for usage, the LLC's Articles of Incorporation must be filed with the Secretary of State where the LLC is formed. The specific method of filing and all requirements are contained in the applicable law of the state.

Fast Facts

  • LLCs are not subject to "double taxation" by the Internal Revenue Service
  • LLCs may generally be comprised of one member or an unlimited number of members

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  • Types of Limited Liability Companies

      A limited liability company (LLC) is a legal business entity which combines the protections afforded corpora...
    • Site: lawfirms.com
  • Business Investment Opportunity

    A business investment opportunity may be a consideration for a small business owner who is looking to grow his...
    • Site: smallbusinesslawfirms.com
  • Business Law in Arkansas

    Business formation involves many legal considerations, including but not limited to the selection of the best ...
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  • Business Law in Connecticut

    Business law in Connecticut encompasses all aspects of business practice within or pertaining to the state of ...
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  • Business Law in Iowa

    The needs of every business owner are unique, as are the laws and restrictions set upon businesses in each sta...
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