LLC Flashcards by Nate Gilmore

Q

what needs to be filed for an LLC

A

articles of organization

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Q

articles of org

A

LLC name
registered agent
office
BA address

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Q

is an operating agreement needed?

A

no

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Q

purpose of making LLC

A

pass through tax advantage of partnership

limited liability like s/h of corp

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Q

how to add member in a member managed

A

majority vote of members

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Q

how to add member in manager managed

A

majority vote of managers

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Q

how are profits and losses allocated absent an agreement?

A

by contribution

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Q

how to dissolve LLC

A

unanimous written consent of all members

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