What paperwork you need to start a new LLC will vary depending on the state in which you register your limited liability company. Fortunately, although limited liability companies exist purely in state law, there are some uniform laws among the states that result in similar LLC registration practices no matter where you live.
Though corporations feature limited liability, the term “Limited Liability Corporation” and “Limited Liability Corp” are actually misnomers; LLC is an abbreviation that stands for Limited Liability Company.
A sudden death in a business can create discomfort as other partners struggle to figure out the new company ownership. In the case of single-member LLCs, a death can mean the end of the company. However, unlike sole proprietorships and partnerships, LLCs can survive beyond the deaths of their owners. Whether it does or not is determined by the LLC’s operating agreement.
While corporation owners are called “shareholders”, LLC owners are called “members”. Both a shareholder and a member own a piece of the corporation or LLC. Typical corporations will have three levels of governance: the shareholders who own the corporation, the Board of Directors who oversees the corporation’s activities and make decisions in the best interests of the shareholders, and the administrative staff who operates the day-to-day activities of the corporation.
Try to think of between five and ten names for your business before beginning your search. After you have compiled your list, conduct a business name search to ensure that your chosen business name is not already in use.
Though this may sound simple, there is no single central database of registered business names. Instead, you will have to conduct your business name search in phases. If you are not comfortable performing the search yourself, hire a business law attorney who will know how to search for business names for you.