Business Law

Does a single member LLC need to have an annual meeting? LLCs are not legally required to hold annual meetings by the state in which they register, but many do. Frequently, the members and founders of an LLC will make annual meetings a requirement in their organization documents. These are documents that include the LLC’s … Read more

Does California require an LLC operating agreement? No. Though California law requires you to have an Operating Agreement for your LLC, it doesn’t require you to file it anywhere. Your California Operating Agreement is an internal document. Read more on www.californiaregisteredagents.net A limited liability company (LLC) operating agreement is a legal document that describes the … Read more

How do I change my LLC to manager managed? Members can change the management structure of its LLC according to the rules in the operating agreement. To complete the process, the members of an LLC must vote and approve the changes. After the voting process, an amendment to the articles of organization is filed with … Read more

How does an LLC work in Illinois? In all states, including Illinois, LLCs are regarded as pass-through entities for tax purposes. This means that the LLC itself does not pay income taxes. Instead, business profits and losses pass through to each owner’s personal tax return. Read more on www.nerdwallet.com Consider creating a limited liability company … Read more

Can an LLC have subsidiaries? An LLC subsidiary can be an excellent way to organize your business. The subsidiary provides a way for your LLC to expand and grow while still maintaining the same organization as the parent company. Read more on www.legalzoom.com Due to their adaptability, ease of use, and tax advantages, Limited Liability … Read more

Why do all corporations incorporate in Delaware? The other major reason corporations choose to incorporate in Delaware is the quality of Delaware courts and judges. Delaware has a special court, the Court of Chancery, to rule on corporate law disputes without juries. Corporate cases do not get stuck on dockets behind the multitude of non-corporate … Read more

What does MD PLLC mean? professional limited liability companies The MD PLLC meaning refers to professional limited liability companies in Maryland. Business owners in certain professional sectors choose this business structure in order to protect their personal assets in case their practices are sued. Read more on www.upcounsel.com Professionals including doctors, lawyers, and accountants frequently … Read more

Can a minor own an LLC in South Carolina? South Carolina does not have age requirements. Inclusion in the Articles of Organization. Read more on www.wolterskluwer.com In order to launch their businesses, many young entrepreneurs are interested in creating their own limited liability organizations (LLCs). But it raises the question of whether a juvenile in … Read more

How do I transfer my EIN to a new owner? To transfer EIN to new owner isn’t possible. EINs, or Employer Identification Numbers, are not transferable from one business owner to another. When You Don’t Need a New EIN Change of location. Adding locations. Business name change. Corporate merger, with the surviving corporation using the … Read more

What is a Nevada close corporation? In operation, a close corporation is a corporation whose shareholders and directors are entitled to operate much like a partnership. Typically, shareholders must agree unanimously to close corporation status, and a written shareholders’ agreement governing the affairs of the corporation must be drafted. Read more on nvcausa.com Nevada is … Read more