Free LLC forms you can download now.
A Limited Liability Company (LLC) is a popular business structure because of its tax advantages of a partnership and the limited liability of a corporation. Currently, all 50 states recognize and allow a business to form a LLC company.
You can download the following free LLC forms immediately:
- By laws
- Articles of incorporation
- Operating agreement
- Meeting minutes
- Admitting a new member
- Dissolving an LLC
Limited Liability Companies can be formed by completing and filing articles of organization and paying any filing fees due by the state you live in. Prior to filing the articles of organization you should check to make sure the name you intend to use is available.
The owners of an LLC (limited liability company) are described as ‘members'. Although most LLC’s have multiple members, it is possible to have only one member in some states. Members of an LLC may be individuals, corporations, and other business entities.
What Are Managers And Members?
Managers of an LLC are similar to the board of directors of a corporation. Although not required to be, managers may be members as well. Members would compare to the shareholders of a corporation. However, to become a member of an LLC you must make
some type of contribution such as property, cash or in some circumstances services rendered.
You should check with the laws in your state concerning the guidelines and restrictions that apply to limited liability companies as there are some types of businesses than cannot be an LLC.
What Are The Advantages Of An LLC?
- Limited Liability – if the debts of the limited liability company surpass its assets, creditors may not come after your individual or personal assets.
- No ‘double taxation' – profits of the LLC business are not taxed at both the LLC level and personal level like many Corporations are. The profits of an LLC go through the owner's tax return, and are only taxed one time. It has significant flexibility as to the distribution of its profits.
- Not as much of record keeping – you are not required to have shareholder and director meetings like a corporation. An LLC is not required to record minutes of meetings or any resolutions.
- In general, it is easier to manage than a corporation.
Free LLC Operating Agreement
The purpose of an LLC operating agreement is to specify the rights and obligations of the members. It defines how the LLC will be managed; the number of votes that is required for a certain act; dividing the profits and losses; what actions to take should there be a disagreement; the terms under which a member may sell their ownership; the final terms should the LLC be dissolved; and other important procedures.
Although in many states an LLC operating agreement is not required, most attorneys and business professionals suggest having one. Further, it may help you with tax issues should you ever be audited by the IRS.
The information on Free LLC forms is to provide you with basic information about a limited liability company. Most states have different guidelines concerning the formation of an LLC company so you will need to do some further research.
A Final Thought….
If you or your members have any plans about taking your company public in the future, you should consider a corporation. We suggest you seek advice from a competent CPA and attorney in your state to determine if a limited liability company is the right business structure
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