Definitions and Terms

Limited Liability Company (LLC)

 

A legal designation for a business organization that has features of a sole proprietorship, a partnership and a corporation.

 

Articles of Organization

 

The Articles of Organization are an outline of the initial statements required to form a limited liability company (LLC) at the state level.  It is a necessary document for setting up an LLC in many U.S. states.

 

Certificate of Formation

 

A Certificate of Formation is a document filed with the Secretary of State (or Division of Corporations, depending on the state) to form a limited liability company (LLC).

 

Registered Agent

 

A person designated by a corporation or company to receive official documents for the company.

 

Operating Agreement

 

A document that customizes the terms of a Limited Liability Company (LLC) according to the specific needs of the owners and outlines the financial and functional decision-making in a structured manner.

 

Name Availability

 

A suitable name ready for use.

 

Members

 

Persons or companies, including other LLCs, of the LLC.