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Entrepreneurs Guide to LLC Partnerships

Posted on March 24, 2010
Filed Under Business, Self Help | Leave a Comment

Business structures are regulated by state statutes. State regulations have to be complied with for forming an LLC, partnership or corporation. LLC or Limited Liability Companies are popular with small business operators because LLCs offer personal limited liability protection to the owners and provide flexibility in business operation. Partners in LLC are called members and most states do not impose any restrictions on membership. An individual, foreign entity, corporation or another LLC can be members of an LLC. In most states LLCs can also be formed with a single member. Some states restrict business that can be operated by an LLC. Generally, banking or insurance business cannot be operated by LLC’s. Requirements and restrictions may vary in different states.

Forming an LLC is not so simple a process. The reason is that each state has specific requirements for forming an LLC. However you can form your LLC without hiring a lawyer if you are willing to spend some time and effort in the process. All states provide clear instructions and guidance about LLC forming requirements. By contacting the state agency handling business registrations you will be able to know all formalities that are to be complied with. Resources are available online though you may personally contact the agency to complete your LLC formation.

Though different states may have different requirements, all states have some basic formalities to be complied with. Selecting a business name for your LLC to Do Business As (d/b/a) is the first step. You have to ensure that the name selected is available for use in the state. The name cannot be similar to an existing business or likely to be mistaken for an existing close competitor. The next step is to file Articles of Organisation with the state and pay a filing fee. Adopting an operating agreement and publishing a notice of intent to form LLC is a mandatory requirement in some states. You may also adopt a corporate seal stamp though it is not a mandatory requirement in any of the states.

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