Back to parent BACK TO LIMITED LIABILITY COMPANIES (LLCS)

Forming and Dissolving an LLC

A limited liability company (LLC) is a business entity that contains characteristics of both a partnership and a corporation. An LLC is like a corporation in that it provides its owners, also called members, with limited liability, as a corporation does for its shareholders.

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Do You Need to Dissolve an LLC if You Move to a Different State?

You do not need to dissolve your LLC and create a new one in the state to which you move it. There is no obligation that a limited liability company be established or formed in a state in which it does business. This means that an LLC does not need to be formed in the state in which it is based, nor does a corporation have to be incorporated in that state.

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Managing an LLC

A limited liability company may be managed however you like. When you set up a limited liability company or LLC, you create an operating agreement that will determine the management structure of the company. It should contain sufficient explanation of how members will manage the LLC, how managers are elected, and how managers will vote on operating and managing the business.

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Steps You Can Take to Preserve Your LLC Status

You want to make sure you maintain the distinction between yourself and your business’ not always easy in a small business’ but it is an important distinction if you want to limit your personal liability. Make sure that the LLC has its own bank account for LLC funds and that you have your own account for your personal funds. Do not blend the two.

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