When it comes to forming a business, with all of the different structure types, things can get complicated. To form an LLC (limited liability corporation) this means you will be forming a business structure that will have taxation benefits like a partnership does with a limited liability like a corporation. LLC’s, unlike other business structures, have business owners known as members. There can be many members or just a few. Gov Doc Filing can help you on how to get LLC licensing and with offering LLC online filing services.
As stated, an LLC has members and there is no maximum or minimum amount of members an LLC can have. The only exception to this rule is if your LLC is to be taxed as an S-Corp which in that case your LLC can only have a maximum of 100 members. An LLC can be established with just one member or with several. A member can differ from a manager. A manager may be the director of the LLC, whereas a member can be a stockholder or owner, and not necessarily involved in the decisions on common day operations of the business. A manager/director will take care of the business and its daily operations. The manager will also make business decisions and consult the members but ultimately runs the business.
Who May Be a Member?
A member can be a person or even another legal entity. Examples of members are:
- S Citizens and Residents
- Non-U.S. Citizens and Residents (there are no citizenship requirements in forming an LLC)
- S. Immigrants and Foreigners
- Pension Plans
While there can be much confusion in forming a business, Gov Doc Filing can help you get started in gathering all of the correct applications and forms for beginning your LLC.