West Virginia Limited Liability Company LLC Agreement for New General Partner
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How to fill out Limited Liability Company LLC Agreement For New General Partner?
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FAQ
LLC members normally are not personally liable for any of the LLC's debts or obligations. A general partnership operates through its owners' names. General partnership partners are personally liable for the partnership's debts and other obligations.
How to Start an LLC in West Virginia Name Your LLC. Choosing a business name is the first step in starting your LLC. ... Designate a Registered Agent. ... Submit LLC Articles of Organization. ... Write an LLC Operating Agreement. ... Get an EIN. ... Open a Bank Account. ... Fund the LLC. ... File State Reports & Taxes.
Virginia does not require an operating agreement in order to form an LLC, but executing one is highly advisable.
In West Virginia, an LLC will allow you to protect all personal assets. For example, if a lawsuit were to occur, your home and personal assets would be protected. This unique benefit is not available when operating a sole proprietorship or general partnership in the state of West Virginia.
An LLC has pros such as flow-through taxation and limited liability protection. However, there are also disadvantages such as the legal process of ?piercing the corporate veil? and being forced to dissolve the LLC if a member leaves.
An LLC's simple and adaptable business structure is perfect for many small businesses. While both corporations and LLCs offer their owners limited personal liability, owners of an LLC can also take advantage of LLC tax benefits, management flexibility, and minimal recordkeeping and reporting requirements.
Starting an LLC in West Virginia costs $100. This is the state filing fee for a document called the West Virginia Articles of Organization. The Articles of Organization are filed with the West Virginia Secretary of State. And once approved, this is what creates your LLC.
Starting an LLC in West Virginia costs $100. This is the state filing fee for a document called the West Virginia Articles of Organization. The Articles of Organization are filed with the West Virginia Secretary of State. And once approved, this is what creates your LLC.