LLC legal information
The formation of a Limited Liability Company can take place in any state according to the legal facts on LLCs. A minimum of one person may form an LLC. However, before an LLC begins operation, it is required to obtain a Certificate of Organization. The organization certificate identifies the LLC as an existing company in the state in which it is registered and legalizes its activities in the country of operation. The Certificate of Organization requires the Company to file information about the LLC in the Articles of Organization. The Articles of Organization requires:
- The Company’s name, for identification and branding purposes. However, there are set rules that govern the naming of the LLC. The title should be unique, use of nouns such as ‘bank’, ‘incorporated’, or ‘trust’.
- The second requirement of the Articles of Organization form is the direction or purpose of the LLC. Stating the use of the LLC puts the Company’s operation under the state law of limited liability company lawsuit. In this case, any future activities within the company fall and are questionable to the rules governing LLCs in the state..
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- Mailing addresses for the LLC.
- Duration of the LLC
- The name and address of an agent to the Company. The agent must occupy a physical location in the geography of the state in which the LLC is being registered.
- Management structure. Members forming the LLC must indicate the managing duties involving the running of the LLC and the particular individuals undertaking the tasks.
According to Company Acts in many countries, a formed LLC must meet specific requirements before commencing operation. The requirements are; business licenses and permits, a statement of information and LLC tax forms.
Contract Law
A contract is a legal agreement between private parties. This agreement is put under state laws, and its operations are governed by law. The formation of a contract requires mutual approval by the parties, sufficient consideration, scope and validity. Activities stated in a contract are furthermore governed by the Private and statutory laws. Private law binds the agreement between the parties. The statutory requirement includes the action of the contract law of the state in the operation of the contract. The contract law is presented as a collection of legal statements that work through to counter situations such as contract breach or contract termination. These legal statements occur in forms of articles and may vary from one state to another.