Creating A Limited Liability Company
A limited liability is also called as LCC (or L.C.C) and is indeed a unique form of business organization which offers the owner the provision of limited liability.
The most common type of incorporation a small business will choose to undertake is that they become a limited liability company (LLC). However when it comes to creating a limited liability company the exact requirements to do will often vary from state to state in the USA. Yet the actual setting up of such a business is a pretty simple process to complete and can often be done within an hour or less. But just how long it takes will depend on how complex the structure of the business is.
Below we take you through some of the steps which you will need to complete if you now choose to change your business into a limited liability company.
Step 1 The first thing you need to do is obtain a copy of the state's Limited Liability Company Articles of Organization (we will refer to these as LLCAO's in future) form. This you can obtain by contacting the Secretary of State office in the state where you live.
It is important that when you contact this office you need to find out from then that when you choose to incorporate your business whether you actually have to place notification in a newspaper or not.
Step 2 Also it is vital that you find out whether there is any thing special you need to do with regards to the name of your business. Some states will require you to choose a name that specifically complies with rules with respect to business names. Although many states will be some what flexible with the main part of your businesses name, they will often have certain words that you may be prohibited from using. Such words may well include corporation, incorporated, insurance or city for example.
Plus when you have chosen the name for your business you must ensure that to make it completely legal you include either "LLC" or "Limited Liability Company" after the name. It is also vitally important that the name you choose for your business is not the same as any other which has already been filed in the state where your business is located and where your application will be filed.
Step 3 Upon receipt of the LLCAO form you need to complete this. This is actually relatively easy to do and all it requires of you is to notify the state of the name of your business along with what the purpose of the business is. You will also need to provide them with details of the principal address for the business and the names of those who are considered to be members of the business. Plus as well as the above information you will also need to provide details of your "registered agent". This is the person who is going to be receiving any and all legal documentation in relation to your business.
Step 4 Once the LLCAO has been filed you may be required by the state where you reside and where your business is located to publish a notice in your local newspaper. It is this notice which will inform others of your intention to form an LLC and preferably it is best that this is actually done before you fill in the LLCAO form which will help you when creating a limited liability company.
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