Why form a Maine LLC?
When your form a Maine LLC, you are taking a giant step in protecting your personal assets. More and more, businesses are facing risk due to impending litigation from frivolous lawsuits. Protecting yourself is the most important aspect in forming a LLC. The limited liability is afforded to you by the laws of the state under the UCC. The LLC creates a separation of you as an individual from that of the LLC, creating a barrier from you and the company. This separation shields you from the debts and obligation of the company.
Useful tips in naming your LLC
A limited liability company name filed in the state of Maine must contain the words "Limited Liability Company," the abbreviation "L.L.C." or the designation "LLC". The limited liability company name must be distinguishable on the records of the Secretary of State from the name of a corporation, limited liability company, limited liability partnership or limited partnership that is incorporated, organized or authorized to transact business in the State of Maine. In determining if a name is distinguishable, the Secretary of State ignores the entity designators such as “LLC” or “Inc.” etc... Also the Secretary of State will ignore symbols or the presence of words such as “and” and “the”. The use of punctuation, spaces, capitalization or other special characters.
Limits of liability
The LLC does provide limited liability in the operation of your company but there are limits to this protection. It is important that you discuss the protections needs with an insurance agency to protect other aspects of your business from fire, theft and others.
Registered Agent
The registered agent is a requirement by the state. The agents role is to be the service of process recipient for the state. When the state needs to send legal documents, they will send it to the registered agent. The agent needs to be an individual who is a resident of the state and have a physical address. The state will not accept a PO box.
If by chance you file in another state or you do not wish to be the registered agent, we can provide a third party to be the agent for you. This fee for using a registeed agent service is $125 per year.
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