What Documents Are Needed To Form An LLC?
In the state of Florida, you must file articles of organization to form an LLC. Technically, that is the only document that is required to be filed with the state. However, it is always a good idea to have an operating or management agreement that specifies who the manager is going to be, the managing member, who the other members are, and how membership interests are going to be distributed. This is so that you can figure out locations and entitlements to profits from your LLC. That typically is not recorded but is another document that has to be created, if you are going to operate an LLC properly. You need the articles of organization and the operating and management agreement.
Can The Organizer Of The LLC Be The Registered Agent?
A lot of times, the attorney who draws up the articles of organization is also the registered agent. Then, if the LLC is sued, the attorney gets the document before anyone else does and is able to respond promptly to any complaint.
What Are The Advantages To Having An LLC?
An LLC is a combination of a partnership and a corporation. It aims to take the flexibility of a partnership and mix it with a corporation’s ability to shield a person’s private assets. If there are members that have interests in the LLC and the LLC acts in accordance with the restrictions that are supposed to make it a legal entity and not a personal entity, then you have the shielding of personal liability.
Oftentimes, investors will create an LLC just for a particular property. They will have an investment piece of property and their other properties are held in different LLCs. If there is a lawsuit concerning that particular LLC, the only asset to the LLC is that property. They may lose that property, but it doesn’t affect other LLCs or the persons who are involved with the LLC.
Are There Any Disadvantages Or Shortcomings Of An LLC?
An LLC is not appropriate for every situation. They are typically not used when you have any type of international connections because they are not recognized worldwide. In fact, America is quite unique in recognizing Limited Liability Companies. They are only created for domestic operation. Another disadvantage is that the initial documents are highly customized and can be more expensive to create.
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