Limited Liability Companies Flashcards
1
Q
What are the steps required to form a limited liability company?
A
Filing articles of organization with the Secretary of State
Pay a fee
File an annual statement
2
Q
What does the management of an LLC look like?
A
Owned by members
The LLC may be operated by managers or members
- Members control the LLC unless otherwise provided
- Professional LLC: members and managers must be licensed in some state; professional services may be rendered only by persons licensed to practice in the state
Profits and losses are shared equally
NOTE:
3
Q
Liability in an LLC:
A
Limited liability for members
LLC offers equivalent protectino as an LLP
