Limited Liability Company

Limited Liability Company

A business organization in which the business (not the owner) is liable for the company's debts.

operating agreement

A document used by the members of a limited liability company to outline the details of how the business will be managed and operated.

member

A limited liability company's owner is called a _________________.

resident agent

An adult or an organization designated or authorized as a point of contact and can receive legal documents on behalf of an LLC.

articles of organization

Limited liability companies must produce this document, and submit a copy to the state, to be recognized as a legal entity.

Employer Identification Number (EIN)

Number assigned by the IRS for businesses to use for income tax purposes.

LLC stands for

limited liability company