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Limited Liability Companies


Limited Liability Company

A limited liability company ("LLC") is a business entity that combines the benefits of a corporation with that of a sole proprietorship or partnership. The basic features of an LLC are that the owners (or members) are not personally liable for the debts of the business and may elect to have the profits and losses taxed as "pass-through" income on their personal returns or have the profits and losses taxed as a corporation. It is a relatively new form of business. While there are state formation fees, filing fees, and annual fees, it is easy to begin a business as an LLC.
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LLC Operating Agreements

Last Updated February 14, 2009
An LLC operating agreement is an agreement that governs the operating of a limited liability company ("LLC"). An LLC is a hybrid business form that combines the advantages of a corporation with that of a sole proprietorship or partnership. An operating agreement allows the owners to structure an LLC business in a manner that suits them best.

LLC Agreement Protections

An LLC agreement protects the owners of an LLC and is important even if there is only one owner. The presence of an LLC agreement lends credibility to the claims that an LLC is a limited liability company, not a sole proprietorship.

An LLC agreement protects owners by ensuring that they enjoy limited liability for debts and liabilities of the LLC.

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Limited Liability Companies - Selected State Laws

AlabamaAlabama Code > Title 10 > Chapter 12 - Limited Liability Company Act
AlaskaAlaska Statutes Chapter 10.50 - Alaska Revised Limited Liability Company Act
ArizonaArizona Laws > Title 29 > Chapter 4 - Arizona Limited Liability Company Act
CaliforniaCalifornia Corporations Code > Title 2.5 - Limited Liability Companies
ConnecticutConnecticut General Statutes > Title 34 > Chapter 613 - Limited Liability Companies
DelawareDelaware Code Title 6 > Chapter 18 - Limited Liability Company Act
FloridaFlorida Statutes > Chapter 608 - Limited Liability Companies
HawaiiHawaii Revised Statutes Chapter 428 - Uniform Limited Liability Company Act
IdahoIdaho Code Title 30 > Chapter 6 - Idaho Uniform Limited Liability Company Act
IllinoisIllinois Compiled Statutes > Chapter 805 > Limited Liability Companies
IndianaIndiana Code > Title 23 > Article 18 - Limited Liability Companies
IowaIowa Code Chapter 489 - Revised uniform limited liability company Act
KansasKansas Statutes > Chapter 17 > Article 76 - Limited Liability Companies
MaineMaine Revised Statutes Title 31 > Chapter 13 - Limited Liability Companies (Text Effective Until 7/1/11)
Maine Revised Statutes Title 31 > Chapter 13 - Limited Liability Companies (Text Repealed 7/1/11)
Maine Revised Statutes Title 31 > Chapter 21 - Limited Liability Companies
MassachusettsMassachusetts General Laws > Part I > Title XXII > Chapter 156C - Limited Liability Company Act
MichiganMichigan Laws > Chapter 450 > Act 23 of 1993 - Michigan Limited Liability Company Act
MinnesotaMinnesota Statutes Chapter 322B - Limited Liability Companies
MissouriMissouri Laws > Title XXIII > Chapter 347 - Limited Liability Companies--Merger and Consolidation of Business Organizations
MontanaMontana Code Title 35 > Chapter 8 - Montana Limited Liability Company Act
NevadaNevada Revised Statutes > Chapter 86 - Limited-Liability Companies
New HampshireNew Hampshire Revised Statutes > Chapter 304-C - Limited Liability Companies
New Hampshire Revised Statutes > Chapter 304-D - Professional Limited Liability Companies
New MexicoNew Mexico Statutes Chapter 53 > Article 19 - Limited Liability Companies
New YorkNew York Laws - Limited Liability Company Law
New YorkNew York Laws > Limited Liability Company Law
North CarolinaNorth Carolina General Statutes Chapter 57C - North Carolina Limited Liability Company Act
North DakotaNorth Dakota Code > Chapter 10-32 - Limited Liability Company Act
North Dakota Code > Chapter 10-36 - Nonprofit Limited Liability Company Act
OhioOhio Code > Title 17 > Chapter 1705 - Limited Liability Companies
OregonOregon Statutes > Chapter 63 - Limited Liability Companies
Rhode IslandRhode Island General Laws > Chapter 7-16. The Rhode Island Limited Liability Company Act
South CarolinaSouth Carolina Code > Title 33 > Chapter 44 - Uniform Limited Liability Company Act Of 1996
South DakotaSouth Dakota Laws > Title 47 > Chapter 34A - Uniform Limited Liability Company Act
TennesseeTennessee Code > Title 48 > Limited Liability Companies
TexasTexas Business Organizations Code > Title 3 - Limited Liability Companies
UtahUtah Code > Title 48 > Chapter 2 - Utah Revised Limited Liability Company Act
VermontVermont Statutes > Title 11 > Chapter 21 - Limited Liability Companies
VirginiaVirginia Code Title 13.1 > Chapter 12 - Virginia Limited Liability Company Act
Virginia Code Title 13.1 > Chapter 13 - Virginia Professional Limited Liability Company Act
West VirginiaWest Virginia Code > Chapter 31B - Uniform Limited Liability Company Act
WisconsinWisconsin Statutes Chapter 183 - Limited liability companies

 

Questions & Answers: Limited Liability Companies

We are living in Florida in a co-op community. 3/4 of the shareholders are from Quebec. Most of them don't speak English or very little. Is it a law to have the meeting hold in Eng...
I need a form to dissolve an LLC partnership....
Tom, Is this the LLC form you are looking for? http://www.sos.sc.gov/forms/LLP/Domestic/ApplicationforCancellationLLPDomesticandForeign.pdf Steve Daily LawServer.com...
 
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