by TheBusinessProfessor | Feb 23, 2025 | Business Entities, Corporate Governance & Ownership
[cite] Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP Converting into an LLC Converting from one business entity to another varies in complexity based upon the original type of entity. The first step is forming a new LLC. Forming an LLC as a sole...
by TheBusinessProfessor | Feb 23, 2025 | Business Entities, Corporate Governance & Ownership
[cite] Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP Terminating a Partnership In the absence of a written agreement, a partnership ends when a partner gives notice of his express will to leave (dissociate). When there’s a written agreement,...
by TheBusinessProfessor | Feb 23, 2025 | Business Entities, Corporate Governance & Ownership
[cite] Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP What is a limited liability company (LLC)? An LLC is a state-recognized entity that blends the characteristics of a GP and a corporation. The primary characteristics of an LLC are flexibility in...
by TheBusinessProfessor | Feb 23, 2025 | Business Entities, Corporate Governance & Ownership
[cite] [cite] Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP How is an LLC formed? The LLC does not arise by default and must be filed with the secretary of states office. The process for filing the LLC is relatively simply in every state. Most...
by TheBusinessProfessor | Feb 23, 2025 | Business Entities, Corporate Governance & Ownership
[cite] Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP What is the Operating Agreement? The operating agreement is the governing document of the LLC. It will lay out the plan for ownership and operation of the LLC. Most states do not require an LLC...
by TheBusinessProfessor | Feb 23, 2025 | Business Entities, Corporate Governance & Ownership
[cite] Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP LLC Compensation: Member-managed vs. Manager-managed LLCs As previously stated, the member-managed LLC is managed by the members of the LLC. A manager-managed LLC is managed by professional...
