A foreign LLC is an LLC that was originally formed in one state but then registered to do business in another state. In essence, the LLC is “foreign” to the new state. The reason for this type of terminology is that every single state is governed by different laws. A Foreign LLC is not an LLC that is formed outside of the United States. The requirement to file for a Foreign LLC is usually to expand one’s business operations or to open an additional retail or brick-and-mortar location in a new state.
A Multi-Member LLC is abbreviated MMLLC and is the term used for an LLC that has 2 or more Members (owners). There are no limits* to the number of Members a Multi-Member LLC can have and the LLC Members can be individual people, or they can be companies (like another Corporation or LLC). The purpose of starting a Multi-Member LLC is protect the personal assets of the Members. LLCs – Limited Liability Companies – do just that; they limit the amount of liability the owners would be exposed to in the event of a lawsuit.
A Single-Member LLC, abbreviated SMLLC, is an LLC with just 1 owner. An LLC owner is referred to as a Member, hence the name “single member” LLC. The purpose of forming an LLC is to protect the personal liability of the owners. Forming an LLC separates your personal assets from that of the business. All 50 states allow for Single-Member LLCs and this is the most popular type of LLCs formed in the United States.
The 3 states that require LLCs to publish ads in a newspaper are Arizona, Nebraska, and New York. After your LLC newspaper ads have run, you will receive back an Affidavit of Publication from the newspaper. You’ll then file this Affidavits with the Secretary of State (or similar office).
In this article, you will learn about Member-Managed LLCs vs. Manager-Managed LLCs, and you will learn about the different LLC Officer Titles, such as what is an LLC Member, an LLC Managing-Member, and an LLC Manager, and who can use such titles.
This table includes links to all 50 states (plus District of Columbia and Puerto Rico) Secretary of State, Business/Corporate Services Departments, and Business Entity/Corporate Record Searches. Search existing corporate records, or search your desired business name. Search LLCs, Corporations, LPs, LLPs, etc.
An NAICS Code (North American Industry Classification System) is used by government agencies to identify your LLC’s line of business and activities. It’s mostly used for statistical purposes. You can search for your LLC’s NACIS code online or by calling the US Census Bureau at 1-888-756-2427.
A Statement of Organizer can include various items, but in our specific example, the Statement of Organizer relinquishes the Organizer’s duties and provides official documentation (in addition to the Operating Agreement) stating who the Members (and Managers, if applicable) are.
This lesson is for changing the name of an already existing New York LLC. In order to change your LLC name in New York you need to file a Certificate of Amendment with the New York Division of Corporations.
This is our review of Louisiana’s online LLC filing system, called geauxBiz (“go biz”). To be fair, geauxBIZ was launched in early 2016. While we didn’t expect it to be perfect, we also didn’t expect it to be so bad.