LLC Limited liability company (corporations)
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LLC:
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The Uniform Limited Liability Company Act (ULLCA), which includes its 2006 revision called the Revised Uniform Limited Liability Company Act, is a uniform act (similar to a model statute), proposed by the National Conference of Commissioners on Uniform State Laws ("NCCUSL") for the governance of limited liability companies (often called LLCs) by U.S. States. The ULLCA was originally promulgated in 1995 and amended in 1996 and 2006.Fall Sale! Save up to 50% on Hotels in Colorado Springs! Book by 10/13/08 for travel from now until 10/20/08.
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LLC legal stuff
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Index to Pennsylvania Consolidated STATUTES on the issue of LLC
Pennsylvania Consolidated StatutesCORPORATIONS AND UNINCORPORATED ASSOCIATIONS (TITLE 15)
PART III. PARTNERSHIPS AND LIMITED LIABILITY COMPANIES
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CHAPTER 89 - LIMITED LIABILITY COMPANIES
SUBCHAPTER A. PRELIMINARY PROVISIONS.
SUBCHAPTER B. ORGANIZATION; CERTIFICATE OF ORGANIZATION.
SUBCHAPTER C. POWERS, DUTIES AND SAFEGUARDS.
SUBCHAPTER D. FINANCIAL PROVISIONS.
SUBCHAPTER E. MANAGEMENT AND MEMBERS.
SUBCHAPTER F. AMENDMENT OF CERTIFICATE.
SUBCHAPTER G. MERGERS AND CONSOLIDATIONS.
SUBCHAPTER H. DIVISION.
SUBCHAPTER I. DISSOLUTION.
SUBCHAPTER J. FOREIGN COMPANIES.
SUBCHAPTER K. ACTIONS.
SUBCHAPTER L. RESTRICTED PROFESSIONAL COMPANIES.
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SUBCHAPTER A. PRELIMINARY PROVISIONS.
§ 8901. Short title of chapter.
§ 8902. Legislative intent.
§ 8903. Definitions.
§ 8904. Rules for cases not provided for in this chapter.
§ 8905. Name.
§ 8906. Registered office.
§ 8907. Execution of documents.
§ 8908. Election of professional association to become limited liability company.
SUBCHAPTER B. ORGANIZATION; CERTIFICATE OF ORGANIZATION.
§ 8911. Purposes.
§ 8912. Organization.
§ 8913. Certificate of organization.
§ 8914. Filing of certificate of organization.
§ 8915. Modification by agreement.
SUBCHAPTER C. POWERS, DUTIES AND SAFEGUARDS.
§ 8921. Powers and capacity.
§ 8922. Liability of members and managers.
§ 8923. Property.
§ 8924. Limited transferability of membership interest.
§ 8925. Taxation of limited liability companies.
§ 8926. Certain specifically authorized debt terms.
SUBCHAPTER D. FINANCIAL PROVISIONS.
§ 8931. Contributions to capital.
§ 8932. Distributions.
§ 8933. Distributions upon an event of dissociation.
§ 8934. Distributions in kind.
§ 8935. Right to distribution.
SUBCHAPTER E. MANAGEMENT AND MEMBERS.
§ 8941. Management.
§ 8942. Voting.
§ 8943. Duties of managers and members.
§ 8944. Classes of members.
§ 8945. Indemnification.
§ 8946. Transactions by member or manager.
§ 8947. Resignation of manager.
§ 8948. Dissociation of member limited.
SUBCHAPTER F. AMENDMENT OF CERTIFICATE.
§ 8951. Amendment of certificate of organization.
SUBCHAPTER G. MERGERS AND CONSOLIDATIONS.
§ 8956. Merger and consolidation of limited liability companies authorized.
§ 8957. Approval of merger or consolidation.
§ 8958. Certificate of merger or consolidation.
§ 8959. Effect of merger or consolidation.
SUBCHAPTER H. DIVISION.
§ 8961. Division authorized.
§ 8962. Proposal and adoption of plan of division.
§ 8963. Division without member approval.
§ 8964. Certificate of division.
§ 8965. Effect of division.
SUBCHAPTER I. DISSOLUTION.
§ 8971. Dissolution.
§ 8972. Judicial dissolution.
§ 8973. Winding up.
§ 8974. Distribution of assets upon dissolution.
§ 8975. Certificate of dissolution.
§ 8976. Effect of filing certificate of dissolution.
§ 8977. Survival of remedies and rights after dissolution.
§ 8978. Dissolution by domestication.
SUBCHAPTER J. FOREIGN COMPANIES.
§ 8981. Foreign limited liability companies.
§ 8982. Domestication
SUBCHAPTER K. ACTIONS.
§ 8991. Parties to actions.
§ 8992. Authority to sue.
§ 8993. Effect of lack of authority to sue.
SUBCHAPTER L. RESTRICTED PROFESSIONAL COMPANIES.
§ 8995. Application and effect of subchapter.
§ 8996. Restrictions.
§ 8997. Taxation of restricted professional companies.
§ 8998. Annual registration.
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LLC
more legal stuff on LLC
The life of an LLC begins when the articles of organization are filed with the Secretary of State.An LLC can be formed in any of the 50 states and the District of Columbia.
Many people choose to form LLCs in their home state. This may save you money because the LLC will not need to register as a "foreign LLC" if it does business in its home state. Plus, there is no need to pay another person to serve as the registered agent.
If your home state has high annual LLC fees or income taxes, and your LLC does not do business in that state, it may be wise to form the LLC elsewhere. Doing business means more than just selling products or making passive investments in that state. It usually requires an office or an active business presence.
Many people choose to form an LLC in Delaware because of its history, experience, popularity and pro-business climate. Nevada has also gained popularity due to its pro-business environment and lack of a formal information-sharing agreement with the IRS. Nevada does not have corporate income taxes, and Delaware does not tax out-of-state income. Business filings in these states can usually be performed more quickly than in other states.
In general, the name of a limited liability company must end with the words "Limited Liability Company," "LLC," "L.L.C." or "Ltd. Liability Co." A person's name can be used as part of the company name. Please note a name will not be accepted if it is likely to mislead the public or if it too closely resembles the name of an existing LLC.
Before you choose the name, you may want do a little research to see if the name is taken. You can search yourself with the Secretary of State in the state where you wish to form your LLC.
If the LLC's name is used in connection with goods or services, you may want to obtain federal trademark protection for the name. This ensures no one else in the U.S. may use that name in connection with the same general type of goods or services (except in areas where someone else is already using the name).
A limited liability company may be managed by either (1) the members or (2) one or more managers. A "member" is an owner of the limited liability company. If a limited liability company is managed by the members, then the owners are directly responsible for running the company.
A "manager" is a person elected by the members to manage the LLC. In this context, a manager is similar to a director of a corporation. A manager can be, but is not required to be, a member. If an LLC is managed by managers, then its members are not directly responsible for running the company.
Whether an LLC should be managed by members or managers depends on several factors, including:
The number of owners
The type of business
Where the owners are located
How involved the members will be in LLC operation
Management by members is usually the best option for LLCs that have only one member or just a few members, all actively participating in the affairs of the LLC. If there are many members, including some who do not actively participate in the operations of the LLC (such as silent partners), then management by managers may be the best option.
Regardless of how a limited liability company is managed, it can still appoint officers to run the day-to-day operations. An LLC is not, however, required to have officers. The officers are selected by either (1) the managers, if the company is manager-managed, or (2) the members, if the company is member-managed. Members or managers may both be officers. There is no limit on the maximum number of officers, nor is there a limit on the number of offices that one person can hold. In fact, the same person may hold all offices.
Each LLC must have a registered agent. This is the person designated to accept official notice if the LLC is "served" with a lawsuit. A registered agent must be either (1) an adult living in the state of formation with a street address (P.O. boxes are not acceptable) or (2) a company registered with the Secretary of State in the state of formation.
One of the advantages of forming an LLC in your home state is that any of the members, managers or officers can act as the registered agent. However, there are some advantages to having another person or company act as your registered agent. First, this adds an extra layer of privacy, since the registered agent's name and contact information are publicly available. Second, this ensures if your LLC is named in a lawsuit.
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