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Limited Liability CompanyWhat is an Limited Liability Company?The formation of a LLC is similar to a partnership or sole-preprietorship. The owners of an LLC are called members and they are those reponsible for the operation of the company. An LLC can be setup as non-member managed which means that you have hired a manager to run your company. However, most small business will be setup as a member managed LLC.How do you form an LLC?An llc is formed by preparing the "Articles of Organization" and submitting them to the Secretary of State's office located in your state. Once the articles are submited the state office will respond with either an approval or rejection notice.Checking for LLC name availabilityMost states have a web site where you can check for name availability for your LLC. Checking for name availability is very important in states like California and Arizona.&Nbsp; In California, for example, it takes approximately 2 months to receive a response from the Secretary of State regarding your formation. If you submit with a bad name then your filing will be rejected, and you will have to file again. When you file again, you will have to wait another two months at the back of the queue like every other filer.Expediting your LLC filing in your stateTo expedite your filing you will most likely need to pay the state an additional fee in order for them to prioritize your filing. This additional fee can range anywhere from $25 to $400 dollars depending on the turnaround times and state requirements. Not all states have the same options for expediting and some states don't even offer an expediting service. To find out more, you will want to visit the secretary of states office in your state.Contact your state to setup an LLC or Limited Liability Company | |
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