Limited LiabilityCompany Corporations
LLC has the benefit of being recognized as a separate legal entity from its owners. When forming a LLC corporation, filing with the state is required. The existence of a LLC begins by filing of the Articles of Organization with the Secretary of State and the articles must be in the form prescribed by the Secretary of State. A state-filing fee is required to be paid. Among the required pieces of information are the latest date at which the LLC is to dissolve and a statement as to whether the LLC will be managed by one manager, more than one manager, or the members. To legally complete the formation of the LLC, members have to enter into an Operating Agreement. This Operating Agreement may come into existence before or after filing of the Articles of Organization and may be in writing or oral. Each state may have different rules governing the formation of a limited liability company. Some states may want a publication notice with the local newspaper that a company has been formed. Like corporate by-laws or partnership agreements, the operating agreement can help define the company's profit sharing, ownership, responsibilities, and ownership changes.
All the profits and losses of the LLC pass through the company to the LLC owners, who report this information on their personal tax returns. A LLC Corporation when it wishes to terminate its existence must file Articles of Dissolution, sometimes referred to as a "Certificate of Dissolution" or "Certificate of Cancellation". A LLC Corporation is like a partnership but comparatively more flexible and without legal liabilities.
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