A limited liability company, known as an “LLC”, is a creature of statute. That means there are certain things that must be done to be, and stay, a limited liability company. Limited liability companies have more flexible management provisions than do corporations and allow limited liability protection. You should talk with your tax advisor about any additional tax advantages a limited liability company may provide you over a corporation.
A limited liability company is formed much like a corporation in that its Articles of Organization must be filed with the Secretary of State. The filing fee is set by statute and changes from time to time. Unless and until you are registered as a limited liability company, it is not official and you should never do any business until the articles are actually filed. Filing can take as long as four weeks. For an additional fee, the Secretary of State can expedite the filing period. A limited liability company must have a registered office and registered agent. The registered office must be located in North Carolina. The name must also be sufficiently different than another limited liability company to identify it and must contain the words “limited liability company” or “L.L.C.”. A search feature is available at the Secretary of State’s website to determine whether a name is available. If you are considering forming an LLC, hire a Monroe, NC business lawyer to help you ensure this process is completed correctly.
Limited liability companies can either be managed by a single member, multiple members, or a manager. An operating agreement should be entered into which is prepared to govern the way the limited liability company is managed. The operating agreement also will control as to how the limited liability company pays its distributions, manages assets and debts, makes decisions, etc. The operating agreement must be signed by all of the members and managers of the limited liability company. A limited liability company must file an annual report with the Secretary of State.
Meet the Attorneys
All of our attorneys are involved in Union County schools, churches and community activities.
Richard G. Long, Jr. Attorney
Dale Ann Plyler Attorney
Ashley McBride Attorney
Lisa Hough Beaman Attorney
Terry Sholar Of Counsel
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The last will and testament is one of the most important documents in estate planning. A will allows the person making the will (the testator) to name recipients of his or her property, to explain how property...
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When a loved one passes away, their assets and debts must be dealt with according to law. The person who handles the Estate Administration (an administrator if the deceased died without a will...
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Your first instinct might be to quickly pay the ticket and suffer the points added to your driving record. After all, traffic ticket lawyers charge for their services, and you may think it’ll cost more to hire one to fight your ticket than to simply admit guilt.
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When involved in a real estate transaction, such as buying, selling or renting property, it is vital to have a thorough understanding of your rights and obligations, which can avoid any future problems...