A Guide to LLCs

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