Forming a Limited Liability Company - Questions and Answers

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Q: What is a Limited Liability Company?
A: The LLC is a distinct business entity. An LLC offers an alternative to partnerships and corporations by combining the corporate advantages of limited liability with the partnership advantage of pass-through taxation.

Q: What paperwork is required to form an LLC?
A: If your LLC is formed through 101incorporate all you need to do is complete our simple online order form. We will prepare and file your articles of organization and pay the state filing fees.

Q: Do I need an attorney to form an LLC?
A: No, an attorney is not a legal requirement to incorporate. 101incorporate can prepare and file the articles of incorporation, simply fill out our online order form and we will do all the work necessary to form your new corporation.

Q: What are the advantages of an LLC?
A: LLCs offer numerous advantages:

1. Limited Liability: For the members of an LLC, liability is limited to the amount of capital which the member has invested in the LLC. Therefore, members of an LLC are offered the same liability protection as a corporation's shareholders.

2. Pass-Through Taxation: LLC's allow for pass-through taxation. That is, the earnings of an LLC are only taxed once.

3. Flexible Management Structure and Flexible Ownership: LLC's are generally free to establish any organizational structure agreed on by its members.

Q: What is the organizational structure of an LLC?
A: An LLC is owned by its members. An LLC may be managed by its members (owners) or by selecting a manager.

If an LLC is managed by its members, it operates similar to a partnership. Each member has an equal say in the management of the LLC. If the members choose, they may elect a manager to oversee the affairs of the LLC.

Member management, however, is the normal default rule of state law.

Q: How is the ownership of an LLC evidenced?
A: An LLC issues certificates indicating the particular holder�s percentage of ownership in the business. These membership certificates are included in our LLC kit.

Q: What is a registered agent?
A: A registered agent provides a registered address for the receipt of service of legal papers and as a local contact for the Secretary of State and other government agencies. The registered agent receives notice of any suits, tax notices, etc. and then forwards them to the LLC.

It is possible for you to act as your own registered agent as long as your address is within the state that you are forming the LLC in. However, if registered agent services are required, as they frequently are in Delaware and Nevada, 101incorporate can provide these services.

Q: What is the LLC kit? A: After your Articles are filed, your LLC should have an organizational meeting where an operating agreement is adopted. Member certificates can be distributed to members and these transactions should be recorded in the LLC ledger. All of this information can be maintained in a limited liability company record book, which is included in the LLC kit. Our LLC kit includes all of the information and paperwork needed to make this process easier.

Q: How do I get started?
A: Upon receiving your completed order, 101incorporate will immediately file and execute all the necessary documentation to file your limited liability company. To place an order, simply utilize our online order form.

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