About LLCs

The LLC is the most popular type of Delaware business formation. In these blogs, we examine all aspects of LLCs, including LLC Operating Agreements.

Who Can Be a Member of an LLC? By Andrew Millman Tuesday, November 27, 2018 who can be a member of an llcAnyone in the world can be a member of a Delaware LLC or corporation. Generally, the members of an LLC are individuals, but it doesn’t stop there. Many people opt to set up the Delaware LLC with another company as the member. This can be a corporation, LP or even another Delaware LLC... Read More
LLC Transfer of Interests [with templates] By Brett Melson Tuesday, November 20, 2018 transfer interests in an llcIn Delaware, the LLC Operating Agreement spells out all conditions of future sales or transfers. Traditionally, the LLC Operating agreement is amended internally within the LLC only... Read More
How to Get a Tax ID Number for a Delaware LLC By Brett Melson Tuesday, October 2, 2018 How to Get a Tax ID Number for a Delaware LLCOnce a Delaware LLC has its Certificate of Formation stamped and approved by the state of Delaware, the next step is to obtain a Federal Tax ID Number, also known as an EIN, from the IRS... Read More
What is a Delaware LLC Certificate of Formation? By Devin Scott Tuesday, September 25, 2018 delaware LLC certificate of formationThe Certificate of Formation is the document you receive from the state of Delaware once your LLC is filed and approved by the Delaware Secretary of State, Division of Corporations... Read More
Can I Operate Multiple Businesses Under One LLC? By HBS Tuesday, September 18, 2018 Can I operate multiple businesses under one LLC?It is possible and permissible to operate multiple businesses under one LLC. Many entrepreneurs who opt to do this use what is called a "Fictitious Name Statement" or a "DBA" (also known as a "Doing Dusiness As") to operate an additional business under a different name... Read More
7 Key Items to Include in Your LLC Operating Agreement By Brett Melson Tuesday, July 24, 2018 7 Key Items to Include in Your LLC Operating AgreementAn LLC Operating Agreement expresses the fundamental understanding among its members of the how the company will operate as well as the members’ respective rights and obligations, including such issues as voting, ownership and management rights... Read More
General Partnership vs Limited Partnership By Devin Scott Tuesday, July 17, 2018 general partnership vs limited partnershipWhen partnering with a company or an individual, it is often important to know exactly what your roles, duties, and liabilities may be. There are two common types of partnerships that often get confused: general partnership and limited partnership... Read More
What is a Series LLC? Should I Form One? By Brett Melson Tuesday, May 8, 2018 What is a series LLC?The Delaware LLC laws allow for the creation of a very interesting and unique entity, the series LLC. In a Delaware series LLC, each series is treated as a separate entity, meaning the debts, liabilities, obligations and expenses of one series cannot be enforced against another series of the LLC, or against the LLC as a whole... Read More
Change of Ownership For an LLC Is Easy in Delaware By Brett Melson Tuesday, March 27, 2018 change of ownership for an llcChange of ownership for an LLC can be complicated and requires costly amendments in most U.S. states. However, not in the state of Delaware. Unlike other states, Delaware requires very little information to be made public in order to form an LLC... Read More
Business Structure: LLC By Andrew Millman Tuesday, February 27, 2018 business structure of an llcA member of an LLC may also function as a manager, but an LLC does not need to have a manager; members can run the company on their own. As for managing-member vs member classifications, it is simple: when a member is also a manager, he or she is usually referred to as a "managing-member.".. Read More