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Starting A Llc

When starting an LLC, or limited liability company, there are various considerations to reflect upon. Initially, one must determine who will be the members of the LLC. Members may consist of one person or an unlimited number of persons. These individuals may be United States citizens or foreigners. In addition, one must decide how the LLC will be managed. Members are free to hire outside management to handle the LLC affairs, or the LLC management tasks may be allocated among the members of the LLC. Furthermore, when starting an LLC, it is necessary to determine the assets of the LLC and any contributions to the LLC by its members. Finally, the members should discuss contingencies, such as what happens to the LLC when a member dies, wants to sell its shares, or if the LLC dissolves itself.

Fast Facts

  • The LLC offers a high degree of flexibility and therefore the management details can be tailored to the specific needs of the LLC's members
  • The LLC may issue different kinds of stock

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