Limited Liability Company or LLC is a legal entity for certain business purposes. An LLC has all the rights and responsibilities as a sole proprietorship or corporation. The advantage of having an LLC is that it is easier to file taxes and pay fees to the state. However, an LLC in Idaho does not enjoy some of the privileges that corporate businesses enjoy such as unlimited liability.
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An LLC is a type of business in which one person owns the LLC and all the other people are called members. All the business activities conducted by the LLC are attributed to the owner. The name of a LLC is different from that of a partnership. It is important to know all these differences when you form an LLC in Idaho.
Forming an LLC involves filing an Articles of Organization with the Secretary of State of Idaho. The articles of organization should include the name of the LLC, the names and addresses of the members and the date of the meeting of the LLC. The next step would be to file the Operating Agreement. This agreement establishes the rules under which the LLC operates including the powers and duties of the board of directors and officers of the LLC.
LLC In Idaho
The last and most important step for operating an LLC in Idaho is to select the registered agent. The registered agent of the LLC is the person who can transact business on behalf of the LLC. He also acts as the secretary or treasurer of the LLC and accounts for all the funds received and disbursed by the LLC.
All the businesses in the world today are represented by their owners or corporations. They are called corporations because they have flesh and blood. However, an LLC has only the name and the logo that represent it. The members of the LLC cannot have any relationship with the other corporations or individuals. The word "limited" indicates that the business is not a corporation and cannot have unlimited liability.
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An LLC is completely separate from its owner. It is therefore obvious that it cannot be treated like a corporation. A LLC has to follow all the rules that apply to corporations and individuals. For instance, it cannot hold more than one office and it has to have the same management. All the shareholders of the LLC have the same rights as the other shareholders of a corporation.
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All the records that have to be filed in a state must be kept in those states where the LLC has its business. All the income and expenses of the LLC are also reported to the state authorities. However, if the state permits it, then the LLC can have another office. In such a case, the LLC can open an office in another state. There are many reasons why a business owner chooses to set up an LLC. He might run the business out of his home and hence may not be present during the working hours of the business.
Members can create their own password and username on the website. This ensures that only people authorized by the LLC can access its website. Limited liability means that each member is personally liable for his own expenses. The members can also add their family members to the LLC's list of authorized signatories. Each member of the LLC will have his or her own name on the Board of Directors and can make speeches in the Board Meeting.
The Articles of Organization of a LLC have various aspects. Like for instance, there are Articles of Organization which have to be complied with. Articles of Organization should be sent to the Secretary of State within two months from the filing of the Articles. However, if it is already submitted, then the required documents must be faxed or emailed to the Secretary of State. After being approved by the Secretary of State, copies of the Articles of Organization should be received by all members of the LLC.
In order to maintain the status of an LLC in an Idaho court, it needs to be registered. However, it should also ensure that all the requirements are met. Registration is not required for a sole proprietorship or for a corporation. However, each form needs to be maintained and updated so that the status can be declared at any time.
Online services are available to provide complete details about LLCs and the benefits of its registration. Therefore, business owners do not need to hire a lawyer to start up an LLC. All the legal formalities are done online by professionals who know the state laws well.
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