Georgia LLC: What is it?

A limited liability company ( LLC or L.L.C.) is a legal form of business company giving some limited liability to the LLC owners. This is a legal business entity in most U.S. States. An LLC is not correctly called a limited liability corporation, it’s always limited liability company.

A LLC is a fusion of  two types of business entities:

1. partnership
2. corporation.

The main function of a corporation is the lower liability to owners. There is some limited protection available for actions and debts of the company. Having a corporate entity separate from one’s own personal assets can, in some cases buffer the losses the individual will experience or ameliorate them altogether.

Partnerships offer a pass through of income taxation.

A LLC is seen as being more adaptable or flexible than a regular corporation or partnership and is appropriate for single owned smaller companies.

Some words to be familiar with regarding LLC’s:

• Operating Agreement (OA): This is the agreement that is of utmost importance to the success of the LLC entity because it regulates the rights of members and, if any exist, managers.
• Members: Members of LLCs are the owners of the limited liability company similar to compared with shareholders as the owners of a corporate entity or the partners in a partnership. Members might be persons, corps., partnerships or even other limited liability companies. A member has a certain limit of responsibility to pay back obligations to the LLC which is limited by the capital contribution defined previously.
  
• Managers: Limited Liability Companies might be member-managed in relation to their membership interest. Quite a few LLC OA’s allow for a manager or even a panel of managers to manage the affairs of the LLC. Managers are either appointed by members, win elections, and can also be removed by members. A member could also be a manager, “Managing Member”.
• Articles of Organization: Every Limited Liability Company must register witht he secretary of the state of Georgia. When the articles of organization are filed – these are sufficient.

More Info:

Fill out online LLC form now >

LLC Advantages >

LLC Disadvantages >

LLC Category (all posts related to LLC’s) >

**********

Call Toll Free: 888-905-7380
Email: Flincorporation@gmail.com
Question or Comment? Support Form