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LEARNING CENTER

Limited Liability Company (LLC)

Glossary

Limited Liability Company (LLC)

A business entity that has the limited liability aspects of a corporation, The maximum liability should be limited to the assets except for a limited number of circumstances.The entity is operated as a partnership in most cases though you could run it as a corporation. You would be eliminating the main reason if you run it as a corporation.

LLC Members

Owners of a Limited Liability Company are called members, Analytically they are similar to shareholders in their role.

LLC Managers

Similar to Officers or Directors, Managers operate the business. They typically have the authority to open bank accounts, bind the limited liability company.

Membership Certificates

Similar to stock certificates membership certificates evidence ownership interest in the limited liability company.

Operating Agreement

The governing document of the limited liability company. The agreement details everything from the principle headquarters, who are the managers and members of the entity, what is the limited liability company authorized.

LLC Kit

Similar to a corporate kit except for a limited liability company. Kit includes articles of organization, operating agreement, membership ledger and membership certificates. Everything you need.

LLC Seal

Similar to a corporate seal. The seal is an embroidered stamp that includes the name of the entity and is occasionally required for big transactions and by a few banks.

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