limited liability company

events causing dissolution

an event specified in the operating agreement all members consent and dissolve the passage of 90 days without any LLC members

Operation agreement

document filed with the state that creates an LLC

advantages of a LLC

limited liability and full management flexible managment one person llc pass through taxation liability is limited to a persons investment

elements of articles of organization

name of LLC name and address of members recitals address of business term purpose meeting and voting

low profit limited liability company

organized for a social purpose; profit making is secondary

limited liability company

provides full protection for its members from all personal liability whether arising from tort or contract

disadvantage of LLC

transferability formation can be expensive