Legal requirement for the formation of a limited liability company - SS1 Commerce Past Questions and Answers - page 1
What is the first step in forming a limited liability company (LLC)?
File Articles of Organization
Obtain licenses and permits
Choose a name for the LLC
Which document is filed with the government agency to officially form an LLC?
Articles of Organization
Operating Agreement
Business Plan
What is an optional but highly recommended document for an LLC that outlines the rights and obligations of its members?
Articles of Organization
Business Plan
Operating Agreement
Which of the following is a necessary step for an LLC after formation?
Choosing a name
Obtaining licenses and permits
Filing Articles of Organization
What is a flexible aspect of an LLC's taxation?
Single tax rate for all LLCs
No tax obligations for LLCs
Ability to choose tax classification
What is the first step in forming an LLC?
The first step in forming an LLC is choosing a name for the company.
What is an operating agreement in the context of an LLC?
An operating agreement is a document that outlines the rights, responsibilities, and obligations of the LLC members, as well as the company's operational and financial procedures.