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Limited Liability Companies (“LLC”)

Business Law

Limited Liability Companies (“LLC”)

A limited liability company or LLC is established by filing Articles of Organization with the state. The limited liability company or LLC will be treated as a separate entity. By being a separate legal entity, you will be individually protected by most operations that occur within the LLC. Additionally, it is important to have an Operating Agreement which will set forth the rules in which the LLC will operate. These rules will guide the LLC in its operations and govern how money or property earned or transferred from the LLC will be determined for the members. Additionally, the Operating Agreement should establish the rules for transferring each member’s interests.