• Lawyer Briefs
  • Need Help?
Thursday, June 8, 2023
Lawyer Briefs - Get Expert Legal Guidance - Find the Best Lawyer
Advertisement
  • Attorney
  • Bankruptcy
  • Divorce
  • Law
  • Lawyer
  • Legal Service
  • Personal Injury
No Result
View All Result
Lawyer Briefs - Get Expert Legal Guidance - Find the Best Lawyer
  • Attorney
  • Bankruptcy
  • Divorce
  • Law
  • Lawyer
  • Legal Service
  • Personal Injury
No Result
View All Result
Lawyer Briefs - Get Expert Legal Guidance - Find the Best Lawyer
No Result
View All Result

The Three Must-Have Limited Liability Company Formation Documents

Karsten Mark by Karsten Mark
April 28, 2021
in Lawyer
0
The Three Must-Have Limited Liability Company Formation Documents
418
SHARES
2.5k
VIEWS
Share on FacebookShare on Twitter

One of the most exciting aspects of a limited liability company is that it prevents business owners from being liable for everything related to the company. It also offers a pass-through task status. Additionally, to form a limited liability company, you need fewer formalities and needless legal paperwork.

If you are planning to form a limited liability company, you need to ensure you have all your legal paperwork completed and filled in the correct way. The three most important documents you will need to form an LLC include:

Articles of organization

Also known as certificate of organization, articles of organization are the same as the corporation’s articles of incorporation. Pay attention to these as the building blocks of your limited liability company.

Basic components needed in certificate/articles of organization

  • Business Name: ensure your name is unique and does not pose potential conflicts with other business names already registered in the region you are registering your LLC.
  • Business purpose
  • Principal place of business
  • Registered agent: this is an individual or entity who will get official documents and legal paperwork on your behalf. This includes documents related to lawsuits. Note that the registered agent must be in the city where your company is registered, must have a physical address.
  • Management structure: this means, does your company have one manager, more than two managers, or are all members managers?
  • Duration of LLC: Some states will require you to specify the duration your LLC will be in operation.

Operating agreement

An operating agreement is a document that specifies the duties and rights of LLC members. It states the allocation of income of the company to its members.

Even though it’s not needed by law that you file an operating agreement to form a limited liability company, you must have a legal document ready to be compliant with the firm’s corporate formalities.

Things to include in the operating agreement will vary based on your company. An operating agreement will include:

  • For more than one member, you must describe how key business decisions will be made
  • Shareholder’s percentage of ownership
  • Voting rights
  • How losses and profits will be allocated
  • What will happen if the owner wants to exit the business or dies?
  • How the LLC will be dissolved
  • All shareholders must sign the operating agreement for it to be valid.

Employee identification number

All companies must have an employee identification number (EIN) irrespective of their structure. Rather than using your social security number, you should use the EIN on all the business-related paperwork. You will need an EIN to open a business bank account.  To acquire this number, you or your lawyer must file the IRS form SS-4.

Apart from the three documents listed above, you will need to file a biennial/annual report with the regions in which your company is registered.

Previous Post

Why You Need Auto Accident Lawyers

Next Post

How Long Will It Take to Settle My Personal Injury Claim?

Next Post
How Long Will It Take to Settle My Personal Injury Claim?

How Long Will It Take to Settle My Personal Injury Claim?

  • Trending
  • Comments
  • Latest
What Should I Do After My Slip and Fall Accident?

What Should I Do After My Slip and Fall Accident?

October 14, 2020
Why Do Truck or Commercial Vehicle Accidents Take Place?

Why Do Truck or Commercial Vehicle Accidents Take Place?

December 1, 2020
Am I Allowed to Keep My Car if it’s Totaled?

Am I Allowed to Keep My Car if it’s Totaled?

November 10, 2020
The Most Common Legal Services Needed

The Most Common Legal Services Needed

January 11, 2020
4 Medical Device Regulations A Life Science Law Firm Will Help Your Organization To Adhere To

4 Medical Device Regulations A Life Science Law Firm Will Help Your Organization To Adhere To

0

Successful Industrial Injury Claim Steps

0

Blog Optimization For Great Search Engine Results – A Must!

0
A Bankruptcy Attorney Is Better Than A Petition Preparer

A Bankruptcy Attorney Is Better Than A Petition Preparer

0
4 Medical Device Regulations A Life Science Law Firm Will Help Your Organization To Adhere To

4 Medical Device Regulations A Life Science Law Firm Will Help Your Organization To Adhere To

June 2, 2023
How To Choose The Best Criminal Defense Attorney For Your Case

How To Choose The Best Criminal Defense Attorney For Your Case

May 2, 2023
Why Should Life Sciences Consider Venture Capital?

Why Should Life Sciences Consider Venture Capital?

April 10, 2023
Need Advice On An Auto Accident In New York? Ask A Professional Attorney!

Need Advice On An Auto Accident In New York? Ask A Professional Attorney!

March 25, 2023

Recent Posts

  • 4 Medical Device Regulations A Life Science Law Firm Will Help Your Organization To Adhere To June 2, 2023
  • How To Choose The Best Criminal Defense Attorney For Your Case May 2, 2023
  • Why Should Life Sciences Consider Venture Capital? April 10, 2023
  • Need Advice On An Auto Accident In New York? Ask A Professional Attorney! March 25, 2023
  • Real Estate Attorney: What Do They Do? When To Hire Them? March 21, 2023
  • Courtroom Careers: A Guide March 17, 2023
  • Debt Recovery Lawyers: What They Do and How They Can Help You February 28, 2023
Law

4 Medical Device Regulations A Life Science Law Firm Will Help Your Organization To Adhere To

Medical device regulations can be difficult to keep up with. You may feel like you're lost in a labyrinth of ...

June 2, 2023
Law

How To Choose The Best Criminal Defense Attorney For Your Case

You may feel lost and alone if you've been accused of a crime and don't know where to turn for ...

May 2, 2023
Lawyer

Why Should Life Sciences Consider Venture Capital?

Improving human health and providing novel solutions to urgent healthcare issues rely heavily on the biotechnology, pharmaceutical, medical device, and ...

April 10, 2023
Lawyer

Need Advice On An Auto Accident In New York? Ask A Professional Attorney!

Facing an accident lawyer in NY can be a daunting, confusing, and stressful experience. The situation is often made worse ...

March 25, 2023
Law

Real Estate Attorney: What Do They Do? When To Hire Them?

Hiring an attorney should be the norm when you are buying or selling real estate because the stakes are high. ...

March 21, 2023

Archives

  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • March 2019
  • May 2018
  • Need Help?

© 2020 Lawyer Briefs - All Rights Reserved.

No Result
View All Result
  • Attorney
  • Bankruptcy
  • Divorce
  • Law
  • Lawyer
  • Legal Service
  • Personal Injury

© 2020 Lawyer Briefs - All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In