Business Law

Is an operating agreement the same as a certificate of formation? An operating agreement (bylaws) is an internal document that defines how the business owners professionally relate to each other, whereas the articles of incorporation (certificate of formation) is a public document that legally establishes a business as a corporation. Read more on www.businessnewsdaily.com A … Read more

Single-member LLC Ownership ? A Single-member LLC has one owner (member) who has full control over the company. The LLC is its own legal entity, independent of its owner. The LLC is its own legal entity, separate from its owners. Read more on www.corpnet.com Yes, a single person may hold an LLC. In fact, a … Read more

Which three items are usually listed in the articles of partnership? They include: The names of the parties in the partnership. The partnership’s principal place of business. The purpose of the partnership’s business. The terms of the partnership. When the partnership will begin and, if not infinite, when and how it will end. Each partner’s … Read more

How do I set up an S corporation in Indiana? You can start an S corporation (S corp) in Indiana by forming a limited liability company (LLC) or a corporation, and then electing S corp status from the IRS when you apply for your Employer Identification Number (EIN). An S corp is an Internal Revenue … Read more

Does Utah require PLLC? Regarding the first point (having state licenses): Utah law allows unlicensed individuals to be members of PLLCs only the extent allowed by the applicable state licensing or registration act. Otherwise, all members must be licensed. You can file online using Utah’s OneStop Online Business Registration or by mail. Read more on … Read more

What is a close corporation in Maryland? Close corporations are generally smaller businesses who desire the limited liability and tax benefits of a corporation but whose stockholders wish to maintain streamlined managerial control of the business. Read more on www.btlg.us A close corporation in Maryland is a legal entity created in accordance with the Corporations … Read more

Can a sole proprietor have more than one DBA? Multiple DBAs. When it comes to a sole proprietorship, it is required to only need one DBA. Being able to apply for multiple DBAs under a sole proprietorship depends on how many your local/state government will allow. Each filing of a DBA costs money, so registering … Read more

What is considered a small business in Minnesota? Small businesses are defined as firms employing fewer than 500 employees. Read more on www.sba.gov In Minnesota, a business is considered small if it has fewer than 500 employees. This definition is consistent with the Small Business Administration’s (SBA) definition of a small business, which stipulates that … Read more

How do I close a sole proprietorship in Massachusetts? Corporations must complete a Form 966, Corporate Dissolution or Liquidation, and file it with the final corporate return. Partnerships must file the final Form 1065 and Schedule K-1s. Sole proprietors stop filing the Schedule C with the individual income tax return. Read more on www.mass.gov There … Read more

Does a single-member LLC need an operating agreement in Michigan? Michigan does not require an operating agreement in order to form an LLC, but executing one is highly advisable. The operating agreement does not need to be filed with the state. Read more on www.dmlp.org In a single-member limited liability corporation (LLC), the owner is … Read more