Why form a North Carolina LLC?
Forming a North Carolina LLC will protect yourself and your personal assets from liability should your company be faced with a lawsuit. This reason alone should be reason enough to form a LLC. The LLC creates separation from the owners, members, and organizers. Their assets are not subject to a lawsuit and protected from the debts and obligations of the LLC. Other advantages exist for the LLC such as taxes, business dealings etc.
Useful information on naming your LLC
Limited Liability Companies may use the identifiers Limited Liability Company, L.L.C., LLC, Ltd. Liability Co., Limited Liability Co., and Ltd. Liability Company. Limited Liability Companies may not use an existing corporations name or its legal descriptor. The name of the LLC must be distinguishable from all other LLC entities already on file in the state of North Carolina. Names that have been dissolved are available 120 days after the dissolution, unless it was administratively dissolved, then you must wait 5 years after the dissolution to use that name.
What is a registered agent?
A registered agent is an individual or a third party who will be served with process by the Secretary of State should your company be named in a lawsuit. This individual should be a resident of the state in which your company is located, over 18 years of age and trustworthy. In most cases, the organizer of the LLC can serve as the registered agent. However if you can't provide an individual or an address in the same state as the LLC is filed in, a third party entity can serve as the registered agent for a fee. This entity will accept mail on your behalf and forward it onto you.
Management by member or manager
A limited liability company's management can be done in two different ways. The LLC can be managed by a member managed system or a manager managed system. With the member managed system, the members of the LLC have equal management responsibilities and decisions are made by the members. However, the manager managed system allows for a third party other than the members to manage the daily affairs of the LLC..
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