How do I structure my LLC?

How to Set Up an LLC

Decide on a Business Name.
Designate a Registered Agent.
Get a Copy of Your State’s LLC Article of Organization Form.
Prepare the LLC Article of Organization Form.
File the Articles of Organization.
Create an Operating Agreement.
Keep Your LLC Active.

What is the hierarchy in an LLC?

There are two primary corporate hierarchy titles that come with an LLC: Members and Managers. Ownership in an LLC is represented by membership and an owner is titled a ‘Member’. A manager in an LLC is the title given to the individual that runs the affairs of the business entity and generally the business itself.

What is the leadership structure of an LLC?

LLC Leadership You can name yourself the CEO and/or president, principal, managing partner, director of operations, or a similar term. Good practice is to choose a name that reflects the image you want to portray for the LLC.

What legal structure should my business be?

If you want sole or primary control of the business and its activities, a sole proprietorship or an LLC might be the best choice for you. You can negotiate such control in a partnership agreement as well. A corporation is constructed to have a board of directors that makes the major decisions that guide the company.

What is the highest position in an LLC?

The President is essentially the highest ranking manager in the LLC. The Operating Agreement typically gives the President general management powers of the business of the LLC, as well as full power to open bank accounts. Other titles of LLC officers and managers are Secretary and Treasurer for example.

Who are the officers of an LLC?

Officers include president, vice president, treasurer, controller, secretary, chief operating officer and chief administrative officer. Review the officers’ described duties and ask about day-to-day responsibilities to confirm that they are actively involved and not just named for appearances.

Can an LLC have a CEO and president?

An LLC (limited liability company) can be a convenient and easy way to structure your business, whether it is a sole proprietorship or a partnership. LLCs do not require a a president, a CEO, or a board of directors. The members of an LLC, however, have the option of choosing a president, a CEO, or managers.

Is my LLC an S or C Corp?

An LLC is a legal entity only and must choose to pay tax either as an S Corp, C Corp, Partnership, or Sole Proprietorship. Therefore, for tax purposes, an LLC can be an S Corp, so there is really no difference.

How many members should an LLC have?

one member
An LLC must have at least one member. The operating agreement for a single-member LLC will be simple. One member has all of the benefits and burdens of ownership and controls all decisions.