Virgin Islands Partnership Agreement for LLC
Description
How to fill out Partnership Agreement For LLC?
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FAQ
Aside from formation requirements, the main difference between a partnership and an LLC is that partners are personally liable for any business debts of the partnership -- meaning that creditors of the partnership can go after the partners' personal assets -- while members (owners) of an LLC are not personally liable
A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and elects to be treated as a corporation.
An LLC can have one or more owners, called members. Each member has a percentage of the equity (ownership) of the business. The members operate the LLC following an operating agreement.
In general, an LLC offers better liability protection and more tax flexibility than a partnership. But the type of business you're in, the management structure, and your state's laws may tip the scales toward partnership.
What Are the Steps to Form a US LLC? Anyone can form a limited liability company (LLC) in the USA; you don't need to be a US citizen or a US company. Foreign citizens and foreign companies can form an LLC in the USA.
Those looking to form LLCs in the US Virgin Islands must have both a local registered agent and a local office address. This address will be used for process service requests. Your agent who forms the company for you (such as this one) should automatically include this for you in the initial filing.
A BVI Limited Liability Company (LLC) offers these benefits: Total Foreign Ownership: Foreigners may own all shares in the LLC. No Taxation: No taxes are levied against LLC's. However, U.S. taxpayers and everyone taxed on worldwide income must declare all income to their governments.
As part of the incorporation process, a corporation must appoint a U.S. Virgin Islands registered agent to accept any process served on the corporation in the USVI. Unlike most U.S. states, the USVI requires corporations to have a minimum of three directors, three officers, a president, treasurer and secretary.
An LLC partnership agreement (also called an LLC Operating Agreement) lays the ground rules for operating a Limited Liability Company and protects the legal rights of its owners (called members). It's written by the LLC's members and describes the plans and provisions for the company.
To get started:Create a business plan.Register your trade name and/or corporation with the Office of the Lieutenant Governor.Select a good location and obtain a copy of an unsigned lease or letter of intent from the owner.Obtain a business license from the V.I. Department of Licensing and Consumer Affairs (DLCA)
