Limited Liability Company

LC

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Member Managers

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Mortgage Office

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No Personal Liability

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Non-Member Manager

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Members

A Limited Liability Company's ownership is vested in ........, who are persons who have a right to share in the profits and losses of the LLC, the right to receive distributions of the LLC's assets, any any rights to vote or participate in management except as limited by the articles of organization.

Certificate of Authority

A document that authorizes a company to start conducting business and specifies the kind(s) of insurance a company can transact. It is illegal for an insurance company to transact insurance without this certificate.

Written Operating Agreement

A member's ownership interest in the LLC is established in a written or oral operating agreement. When in writing, it may restrict or enlarge the management rights and duties of any member or class of members.

Annual Report

A report prepared by corporate management that presents financial information including financial statements, notes, a management discussion and analysis section, and an independent auditor's report.

LLC Purpose

An LLC may conduct business for any lawful purpose, for profit or not for profit, except insurance, bank, credit union, or homestead

Registered Agent for Service

An LLC must maintain in this state at least one registered agent upon whom any legal process, notice, or demand may be served on the company.

Agent's Acceptance

An affidavit is a sworn statement of the person who is to be the Registered Agent that he/she is the person designated as registered agent of the LLC and that he/she acknowledges & accepts that appointment

LLC

Business structure that offers its owners the advantage of limited liability and partnership-like taxation, in which profits are passed through to the owners and taxed on their personal income tax returns.

Artificial Person

Juridical person is an entity to which the law attributes personality, such as a corporation or a partnership

Initial Report

Must be signed by each organizer or his/her agent and must state the following; the location and municipal address, if any (not a post office box only), of the LLC's registered office, the full name and municipal address, if any (not a post office box only), of each of its registered agents, an affidavit of acknowledgement and acceptance of appointment by the registered agent(s), the names and municipal address (not a post office box only), of the first managers (or managing members) if they have been selected when the articles of organization are filed with the Secretary of State (If the first managers or managing members have not been selected at the time of filing of the articles and the initial report, a supplemental report must be filed when managers or members are selected)

Professional LLC

Physical office location designated by corporation in articles of incorporation where service of process may be made on the corporation within the state.

Registered Office

a Limited Liability Company must maintain an office in this state; this is known as its .......... ........... The initial report filed with the Secretary of State must furnish this location of the original ---------- ----- . The location of the ........... ..... may be changed at any time. Notice of the change and updated information is given by filing the required forms with the Secretary of State and the parish recorder.

Membership Interests

a member's rights in the limited liability company, including the member's right to receive distributions of the limited liability company's assets.

Articles of Organization

comprise the fundamental provisions defining the company. They must be written in english, signed by at least on person (not necessarily a member or a manager of the company, acknowledged by the person who signed the articles or instead, be executed by authentic act.

Limited Liability Corporation

is a juridical person distinct from its owners. This entity is an unincorporated association having one or more members. Has the powers, rights and privilidges provided for a corporation organized under the Business Corporation Law and as provided for a partnership.

Certificate of Organization

once this is issued the LLC's existence begins; the LLC's birth certificate

Organizers

the parties responsible for bringing a limited liability company into existence, corresponds to the functions of incorporators with respect to corporations.