Unless a different tax election is made by the taxpayer, the IRS treats Sole Member Limited Liability Companies as a “disregarded entity”. Continue reading Should I Get a New EIN When Changing My Business from Sole Proprietor to LLC?
Except in some highly complex cases that typically do not apply to a small or medium sized business, a company that is set up as a Corporation cannot change that designation to a Limited Liability Company. Continue reading Can I Change My Corporation to an LLC?
The creation of a Limited Liability Company (commonly referred to as an LLC) does offer some liability protection to the assets of the sole person who files it. Continue reading Are My Personal Assets Protected if I Form a Single Member LLC?
A corporation or limited liability company can authorize any person to act on its behalf through the proper process. Continue reading Can a Corporation or LLC Designate a Non-Member to Act on its Behalf?
The term ‘holding company’ is merely a designation for a for-profit entity whose sole or nearly exclusive purpose is to own property. Continue reading Can I Create a Holding Company with Standard Legal’s Incorporation or LLC Software?
Because the LLC filing fees on one state may be significantly higher than a neighboring state, some people consider filing for LLC status in one state while running the business from another.
As an example, an Indiana Limited Liability Company can be created and filed for an Illinois-base business, and doing so will offer the liability protection that any LLC would. Plus an Indiana filing is significantly less expensive to make than an Illinois filing.
But there is more to consider. Continue reading Can I Form an LLC in One State and Run It From Another?
The portion “…be removed…” in this question is not clear, and the distinction is important. Continue reading Can a 50% Owner of an LLC Be Removed Without Consent?
In all states, if you wish to file for Corporation or Limited Liability Company as a new business entity, the name of the entity sought to be formed must be distinguishable from any entity already of record. Continue reading Can I Add Some Additional Words to an Already Registered Company Name for My Own Incorporation?
A Limited Liability Company can execute a Power of Attorney document for nearly any business transaction, naming an Attorney-in-Fact to perform some or all functions or duties on behalf of the LLC. Continue reading Can a Limited Liability Company Designate Someone with Power of Attorney for Real Estate Transactions?
Generally, a sole member LLC is managed by its Member.
In most cases, LLC’s do not elect officers or directors, although an LLC could, if it so wished, through its Operating Agreement.
This arrangement is not, however, the “norm” for sole member LLCs. Continue reading Does a Sole Member LLC Still Elect Officers and Directors, Even Though There is Only One Member?