Answers to Frequently Asked Limited Liability Company / LLC Questions
For the purposes for forming a general business Corporation or filing for Limited Liability Company (LLC) status, there are no requirements that a person be a resident of the state in which the company is to be formed.
But there is one requirement for most states that must be managed.
The filing of the paperwork to form an LLC or to incorporate does not obligate the entity to immediately begin conducting business.
But as is typical, that doesn’t mean that there won’t be some government requirements for the formed business.
If a Limited Liability Company (LLC) or Corporation is set up only to ‘hide assets’, a debtor could pursue legal action to pierce the corporate veil and seize the assets of the fraudulent LLC or Incorporation.
Typically, an executive director or CEO can represent a corporation in day-to-day business functions. But the chief executive of a corporation or LLC cannot represent the corporation in a court of law, as legal counsel, or as part of a litigation.
In just about every state, only one person needs to take the actions necessary to incorporate a business or to file for LLC status. But the requirements do differ by state.
Your question seems to be seeking a suggestion on how to create and then structure pay from an LLC to minimize or avoid meeting an increase in child support obligations. ‘Ask Standard Legal’ chooses not to reply to such a question — not only on principal, but also because it borders on a request for unethical legal advice specific to a highly personal situation.
Limited Liability Company (LLC) filings are made with the Secretary of State, typically in just one state (the state in which the business chooses to register). One way to find the listed owners or members of an LLC is to review the filing in the state in which the business was originally registered. But such a review will not always provide the information desired.
Nearly all states have laws permitting owners of an LLC or a Corporation to review the books and records of the company upon written demand to the other owners.
Assets are transferred from one person or entity to another in different ways, depending upon the nature of the property. This distinction holds true when those assets are transferred between an individual and a newly formed Limited Liability Company or Corporation as well.
Yes, a person can sell the real estate property he or she owns to anyone (or any entity) that can make the purchase. But there is a practical consideration that must be examined to be able to complete the transaction.