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Do You Need to Dissolve an LLC if You Move to a Different State?

You do not need to dissolve your LLC and create a new one in the state to which you move it. There is no obligation that a limited liability company be established or formed in a state in which it does business. This means that an LLC does not need to be formed in the state in which it is based, nor does a corporation have to be incorporated in that state.

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What Are Seller’s Permits?

The requirements to register and obtain a sales tax permit or resale permit vary widely from state to state: in a majority of states, businesses dealing in tangible products for retail sale (or rental) must obtain a permit; in a growing number of others, that same requirement is extended to retail sales of taxable services’what services are taxed varies enormously from state to state.

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Managing an LLC

A limited liability company may be managed however you like. When you set up a limited liability company or LLC, you create an operating agreement that will determine the management structure of the company. It should contain sufficient explanation of how members will manage the LLC, how managers are elected, and how managers will vote on operating and managing the business.

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Steps You Can Take to Preserve Your LLC Status

You want to make sure you maintain the distinction between yourself and your business’ not always easy in a small business’ but it is an important distinction if you want to limit your personal liability. Make sure that the LLC has its own bank account for LLC funds and that you have your own account for your personal funds. Do not blend the two.

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Dissolving a Partnership

If you are operating in a partnership, then you have a right to dissolve it under the Uniform Partnership Act, which has been adopted in or influenced by the partnership law of almost every state.

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Each Partner’s Legal Responsibilities in a Partnership

When groups of individuals join together in business partnerships, each member of the partnership becomes bound by basic legal duties. A business partner’s legal responsibilities to the other members of the partnership can also depend on the type of partnership in question. Limited Liability Partnerships (LLP) and Limited Partnerships (LP) offer different legal responsibilities to individual partners then general business partnerships do.

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Steps Involved in Setting Up a Partnership

Setting up a business partnership is generally a straightforward process. Two types of business partnership exist: the general partnership and the limited liability partnership. Both types of partnership are relatively easy to set up and follow many of the same basic steps, but creating a limited liability partnership often demands more attention to organizational details.

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Do You Need a Partnership Agreement?

When setting up either a general partnership or a limited liability partnership, drafting a partnership agreement is a must. While it is legally possible to create a business partnership without a partnership agreement, doing so is risky and can lead to problems between partners down the road. A well-drafted partnership agreement should address in detail all elements of the business, including the features of the business relationship between the partners. While a range of partnership agreement templates can be found online by a quick search, a business attorney can also be a useful resource in helping to draft this agreement.

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