LLC Law

Can an LLC have two addresses? The address for an LLC, or limited liability company, can include both its principal place of business and its physical location. As with other types of business entities, an LLC can have more than one address. Each LLC must abide by the laws of its state of formation. Read … Read more

What is a restricted LLC in Nevada? Restricted LLCs can only be formed in Nevada. This type of LLC is used only for estate planning purposes, such as to gift property from one family member to another. A restricted LLC cannot make any distributions to members for 10 years after its formation, which can be … Read more

What is a series LLC in Nevada? A series LLC is a limited liability company with internal cells or divisions, each of which may have separate members, managers, assets and liabilities, business purposes or investment objectives. 4 The assets of each division, or series, are shielded from the liabilities of the other divisions and the … Read more

What is the Georgia LLC Act? The Georgia Limited Liability Company Act (the “”Georgia LLC Act””) is 20 years old. Its durability is due in part to its emphasis on flexibility, which has allowed businesses to adapt the LLC form to fit their own needs. However, as LLC law has matured the Georgia LLC Act … Read more

Do I need an operating agreement for an LLC in Virginia? Every Virginia LLC owner should have an operating agreement in place to protect the operations of their business. While not legally required by the state, having an operating agreement will set clear rules and expectations for your LLC while establishing your credibility as a … Read more

Does South Carolina allow single member LLC? Since South Carolina follows the federal “”check the box”” regulations, a single member LLC taxed as a corporation for federal income tax purposes will be classified as a corporation for South Carolina income tax purposes and deemed a corporation for all other tax purposes in South Carolina. Read … Read more

What happens in an LLC when a partner dies? When a member dies, their share in the LLC becomes part of their estate, transferring through their will or according to the state’s intestacy laws, if there is no will. Single-member LLCs frequently lack operating agreements. Read more on info.legalzoom.com Limited liability companies, or LLCs, are … Read more

Does NJ require operating agreement for LLC? New Jersey 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 One of the states in the union that mandates an Operating Agreement … Read more

Does Illinois require an Operating Agreement for an LLC? An LLC operating agreement is not required in Illinois, but is highly advisable. This is an internal document that establishes how your LLC will be run. It sets out the rights and responsibilities of the members and managers, including how the LLC will be managed. Read … Read more

Who is an Authorized Person Delaware LLC? attorney An authorized person would be the person hired to set up the LLC. This is often an attorney or could also be the registered agent listed on the Certificate of Formation. Although an annual LLC tax, which is in the amount of $300, must be paid each … Read more