Scribd Logo
Upload

Welcome to Scribd!

  • Notes On Quantic EMBA - LLC

    Uploaded by

    Gloria Tai
    40 views1 page
    An LLC is a hybrid business structure that provides limited liability for its members like a corporation but is taxed like a partnership. It is a separate legal entity from its owners and ends when a member retires, quits, or dies. To form an LLC, articles of organization must be filed with the state and an operating agreement and good records must be maintained. Members have limited personal liability and management can be delegated to a managing member.

    Original Description:

    Original Title

    Notes on Quantic EMBA - LLC.docx

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    An LLC is a hybrid business structure that provides limited liability for its members like a corporation but is taxed like a partnership. It is a separate legal entity from its owners and ends when a member retires, quits, or dies. To form an LLC, articles of organization must be filed with the state and an operating agreement and good records must be maintained. Members have limited personal liability and management can be delegated to a managing member.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    40 views1 page

    Notes On Quantic EMBA - LLC

    Uploaded by

    Gloria Tai
    An LLC is a hybrid business structure that provides limited liability for its members like a corporation but is taxed like a partnership. It is a separate legal entity from its owners and ends when a member retires, quits, or dies. To form an LLC, articles of organization must be filed with the state and an operating agreement and good records must be maintained. Members have limited personal liability and management can be delegated to a managing member.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Limited Liability Company

    SMARTLY
    Limited Liability Company: A hybrid of the other types of multi-owner
    companies, which is a separate legal entity from its owner(s).
     The owners of an LLC are known as members.
     Often, an LLC doesn't need a formal set of rules. They are designed
    to have less formality to facilitate a flat organizational structure.
     The company ends when a member retires, quits, or dies.

    Articles of Organization: A document that needs to be filed with a state


    agency to start an LLC.

    Members can delegate management authority to one person, who becomes


    the managing member.
     For members, personal liability is normally limited to their original
    investment.

    Forming an LLC has several requirements, including:


    • filing articles of organization
    • creating a solid operating agreement
    • keeping good records

    You might also like