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When you undertake to start a new business, on top of finding the money for start-up, finding a location, designing the product or service, printing brochures and business cards, you need to decide on the business structure.
Limited Liability Companies offer the same opportunity to protect owners of a business from personal liability from suit or unpaid bills, but are more flexible and are really preferable when there are only one or two owners, at least one of whom will be active in the business. LLC’s can be designed to be more like corporations or more like partnerships, and if the business grows and it becomes desirable to adopt the corporate form, the limited liability company can easily be changed.
Usually the owners of an LLC are designated as members, and a managing member is chosen to make the every day decisions and sign legal documents (contracts, estimates, etc.) for the business. The structure is less formal than a corporation, however there are still rules.
Those rules of how the members of the LLC will interact in business are set out in a contract called the operating agreement. The LLC also has a duty to meet annually and to report to the State Corporation Commission. A registered agent (a lawyer or the members) is designated to receive notices from the State Corporation Commission or legal notices and suits.
The attorneys at Cox and Cox have successfully helped individuals who create limited liability companies, small business corporations and partnerships to get into business, stay in business, and sell or transfer their businesses by sale or by passing the reins on to the next generation.
The form of business is unique to you and your business plan. We offer a free consultation about business formation, and stand ready to help you build and maintain the structure of your new or existing business.