So, you have decided to set up a Limited Liability Company - an LLC. This choice has multiple advantages for you and your business:
- The debts of your company will never become your own debts - you do not put your personal assets at risk;
- There are only a few documents you need to complete and file with authorities that oversee the process of formation and further activity of the business;
- You will not have to arrange multiply meetings of people liable for the company or retain a lot of records - even if your LLC is not a small business, the recordkeeping requirements are not strict;
- You can file taxes on par with Partnerships, S-corporations, C-corporations, and Sole Proprietorships with numerous financial benefits;
- You have management and ownership flexibility - this way, it is possible to distribute profits the way the members of the company want to, without having to comply with laws set by the state.
If you want to save time and money by starting the business without the help of a professional lawyer, you can from the LLC using printable LLC Forms - download them below.
- An LLC Operating Agreement is the most important internal document of the LLC. It describes the structure of the company and outlines the rights and responsibilities of the members. You can discuss the distribution of revenue and the process of adding or removing members and put it in this agreement for future reference whenever members disagree on an issue.
- LLC Articles of Organization are submitted to the state authority that registers new businesses to confirm the formation of the company. You need to provide the main details about your entity, its purpose, and the identification of managers and members. This document is accepted by the office of the Secretary of State, and then you receive a Certificate of Organization that makes your commercial activities legitimate.
- An LLC Buyout Agreement should be prepared by the members of the company as soon as they can to put in writing the procedure of removing one of its members from the organization. Whether this individual chooses to leave or cannot fulfill their duties anymore, you need to decide beforehand what will happen to their share of the business and which members will purchase it or, in some instances, receive it for free.
Haven't found the template you are looking for? Take a look at these related templates below:
The purpose of this form is to provide government authorities in the state of Georgia with the information required to make a record about an LLC.
Use this form to record the decision of a Limited Liability Company (LLC) member to permanently leave the company.
This document acts as the key legal agreement of any LLC and contains its contact details, describes the purpose of the business, outlines the financial relationship between the company members, and their rights and duties as business managers.