Hello, I'm attorney Elizabeth Potts Weinstein. Today, we’re going to discuss a crucial task for your business: the annual LLC checklist. Limited Liability Companies (LLCs) are generally easier to manage compared to corporations, but there's still essential maintenance to perform. Reviewing key elements annually ensures your LLC remains compliant and effective. Here’s a detailed checklist to guide you through the process. 1. Review LLC Setup and Management Annual Filings: Every state requires some form of annual filing, such as an annual report or statement of information. This filing confirms details like your business address, registered agent, and the names of LLC members. Failure to file can result in administrative revocation, meaning your LLC could be dissolved. Operating Agreement: Revisit your operating agreement annually. Ensure it reflects current operations and ownership structures. This agreement is vital, even for single-member LLCs, as it helps demons...
Hello, I'm attorney Elizabeth Potts Weinstein. Today, we’re going to discuss a crucial task for your business: the annual LLC checklist. Limited Liability Companies (LLCs) are generally easier to manage compared to corporations, but there's still essential maintenance to perform. Reviewing key elements annually ensures your LLC remains compliant and effective. Here’s a detailed checklist to guide you through the process. 1. Review LLC Setup and Management Annual Filings: Every state requires some form of annual filing, such as an annual report or statement of information. This filing confirms details like your business address, registered agent, and the names of LLC members. Failure to file can result in administrative revocation, meaning your LLC could be dissolved. Operating Agreement: Revisit your operating agreement annually. Ensure it reflects current operations and ownership structures. This agreement is vital, even for single-member LLCs, as it helps demons...
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