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Terms in this set (7)
limited liability company
provides full protection for its members from all personal liability whether arising from tort or contract
advantages of a LLC
limited liability and full management
flexible managment
one person llc
pass through taxation
liability is limited to a persons investment
flexible managment
one person llc
pass through taxation
liability is limited to a persons investment
disadvantage of LLC
transferability
formation
can be expensive
formation
can be expensive
Operation agreement
document filed with the state that creates an LLC
elements of articles of organization
name of LLC
name and address of members
recitals
address of business
term
purpose
meeting and voting
name and address of members
recitals
address of business
term
purpose
meeting and voting
events causing dissolution
an event specified in the operating agreement
all members consent and dissolve
the passage of 90 days without any LLC members
all members consent and dissolve
the passage of 90 days without any LLC members
low profit limited liability company
organized for a social purpose; profit making is secondary