Limited Liability Companies
We help clients form and run limited liability companies.
LLCs are popular because they are easy form and they don't have a lot of formalities.
An LLC is formed by filing a certificate of organization or articles of organization with Secretary of State.
An LLC can have one or more members. The members need to sign an operating agreement. The operating agreement governs how the members will run the LLC. It is important. Without it, how the LLC is operated is governed by state law.
An LLC can be managed by the members themselves or by managers.
The benefit of an LLC is it limits liability for the members. Members are not liable for the debts and obligations of the LLC unless the members agree to be liable. However, keeping the protection of the LLC in place, requires the members to treat the LLC as a separate entity and follow state law.