Remember, ‘Ask Standard Legal’ was created to respond only to ‘questions of fact’ for the legal topics listed at the left. So it follows that we cannot respond with suggestions on how a person might structure something or how to proceed; that’s the very definition of legal advice.

You can certainly create an LLC at your discretion with any members you choose to involve. Details about the formation of an LLC can be found here. You might also wish to review the “BUSINESS LAW AND INCORPORATION ARTICLES” at our Standard Legal Law Library to see if an LLC is the best structure for your needs.

But we simply cannot advise you (or even make suggestions) as to the tax or estate issues related to such a decision, or even whether an LLC would function in a certain capacity. In pro se (i.e. “self-help”) law, these are the very types of decisions that must come from the individual “helping themselves”.

If you want or need legal advice, find an attorney. If you need to have a discussion of options on how best to proceed, find an attorney. Unless YOU yourself are 100% certain of the structure you wish to create and the end results of those decisions, find an attorney. To find a local attorney for FREE who specializes in either Estate Planning or Business Law, visit Standard Legal’s Attorney Finder page.

To consider making such a critical long-term financial decision based on some free advice you receive from a faceless person at a legal forms website truly is a bad idea…

Merely adding another member to an existing LLC generally does not require a document to be filed with the Secretary of State. [ Read More… → ]

Setting up a new Limited Liability Company (typically called an LLC) offers the business owner(s) protection from potential creditors and other claims (i.e. it insulates your personal assets). But these protections will only exist if the business operations are conducted under the Limited Liability Company name in all respects.

As such, it is very important that Company money be kept separate from any funds that you maintain in your personal bank accounts (or accounts of other entities), and that you do not place your personal funds into the new business bank account, or otherwise commingle funds. [ Read More… → ]

The use of ‘Inc.’ or ‘Incorporated’ within the business name for a limited liability company would be inappropriate in almost all states, and in most cases would prevent the filing of the LLC documents from being accepted by the secretary of state. [ Read More… → ]

Personal income tax issues will not be imputed to the LLC itself in most instances. But any collection activity against a member of an LLC for tax matters could affect that member’s ownership rights. [ Read More… → ]

An LLC provides liability protection for any and all debts or obligations incurred in the name of the LLC.  If the members personally guarantee any LLC obligation, the entity structure will not protect the members from such obligation.

Also, if the members have not operated the LLC properly (i.e. did not maintain a separate bank account, did not enter contracts in the name of the LLC, did not keep accurate or sufficient company records, etc.), then creditors may have the opportunity to “pierce the veil” of the LLC entity and pursue the members personally for any LLC obligations.    [ Read More… → ]

In an LLC, the owners of the Limited Liability Company are referred to as “Members” (similar to owners in a corporation being referred to as shareholders). [ Read More… → ]

The taxing authority for the Limited Liability Company (LLC) has the ability to determine who is responsible for making the tax payments or authorizing tax payments for the LLC – these individuals are referred to as the “responsible persons”.

The “responsible persons” indeed may be personally obligated to pay the LLC’s tax obligations. But not always.  [ Read More… → ]

Standard Legal Network is unaware of any restriction on ownership of shares of a Class C Corporation.

In fact, it is fairly common for an L.L.C. to be the owner of stock in a corporation.

Be aware, however, that under the IRS rules, a Limited Liability Company cannot be an owner of stock of a corporation that elects S tax treatment.

Get complete details here on Standard Legal’s Incorporation and LLC legal forms software here.

Some people wish for their business to have the protections offered by LLC status in Nevada, but then wish to do business in — and even have offices in — another state.

To accomplish this structure, first the person should form the Nevada LLC utilizing either Standard Legal’s LLC legal forms software or Standard Legal’s document preparation service.

Once the Nevada LLC is formed, the company should be registered as a foreign LLC within the state in which the LLC will conduct business — whatever that state may be.

Thus, the business will be a Nevada LLC operating under the laws of the State in which it is doing business.