A limited liability company or LLC provides the owners with limited liability. This implies that if the business owes money or faces a court case for some cause, only the assets of the business are at risk and not the personal possessions of the owners.
LLCs do not have reservations on who can be a member. They have better flexibility pertaining to the distribution of rights, profits and assets, in comparison to corporations. The LLC is not subject to the same corporate rules and regulations that are essential in case of a corporation. On the other hand, LLCs are expected to maintain appropriate LLC records and bookkeeping. LLCs are also required to maintain the minutes of the board's meetings.
The existence of LLCs begins by filing of Articles of Organization with the Secretary of State. The articles have to be in the prescribed format. Members have to pay a state-filing fee. In order to complete the formation of the LLC, members have to enter into an Operating Agreement.
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They can be formed and incorporated online. Agencies offer an entire package of LLC incorporation services online, much similar to what would be obtained by hiring an attorney. Interested individuals are required to fill online incorporation questionnaires. Online agencies take care of all the necessary documentation, once the order is placed and pay the state-filing fee. These agencies also offer services such as checking business name availability, preparing and filing LLC Articles of Organization, or LLC Certificate of Organization and acting as registered agents. Most of these sites assist in preparing a LLC Operating Agreement, Organizational Minutes and IRS Form SS-4 Application for Employer Identification Number.
When the LLC wishes to terminate, they have to file Articles of Dissolution, sometimes referred to as a Certificate of Dissolution or Certificate of Cancellation.
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