This is an extract of our Limited Liability Companies document, which we sell as part of our Agency and Other Unincorporated Businesses Outlines collection written by the top tier of Oklahoma City University School Of Law students.
The following is a more accessble plain text extract of the PDF sample above, taken from our Agency and Other Unincorporated Businesses Outlines. Due to the challenges of extracting text from PDFs, it will have odd formatting:
LIMITED LIABILITY COMPANIES 4 Main Characteristics of LLC: Limited Liability Free Transfer of Assets Central Management Perpetual Life
-Must file a form w/ State Gov. Form must comply w/ the state statute (certificate of formation, articles of organization, etc.)
-Should also but not required to have a private LLC Operating Agreement
-Must have a registered agent for service of process IN THAT STATE (since can form LLC any where you want w/o have to live there)
-MUST be either (each state has a default of one of these, and if don't like it have otherwise in your operating agreement) Member-managed
Partnership model (except not 1 person 1 vote)
Each member full authority bind, daily activity, act for LLC
Member=someone who owns interest in the LLC
Manager=a legal position
Only managers can act for the LLCs
Manager is a person or entity that is designated as such
Nonmanagers have no powers (like shareholders only)
Meyer v. Ok ABLE Commission Issue: can an LLC own a liquor license? (constitution of OK written pre LLC existence) LLC is hybrid of a corp and p'ship
Buy the full version of these notes or essay plans and more in our Agency and Other Unincorporated Businesses Outlines.