Apr 05, 2022
In NBA Discussion Board
Limited liability companies have all the powers of natural people, which include the ability to transact business, sue or be sued, make contracts, own and transfer real estate, and issue stock subject to limitations. COMPLIANCE REQUIREMENTS = for a limited liability company require more formality in formation and operation. Such as, filing Articles with the State, filing a Statement of Information Telephone Number List with the State, obtain an agent for service of process, and establish an operating agreement. MANAGEMENT = in a limited liability company can be conducted by all its members or by one manager. Officers may be appointed to conduct the affairs of the business. The LIABILITY = of a limited liability company is limited for all its members, managers and officers. As long as the State's statutory requirements are followed, the members, managers and officers of the business are not personally held liable for any debt, liability or obligations of the business arising in contact, tort or otherwise solely by being a member, manager or officer of the business. CORPORATION A CORPORATION = commonly known as a C or regular corporation, is by far is the most common and well known form of business entity. All corporations are governed by the State of incorporation and are treated as separate and distinct legal entities separate from its owners with all the rights to own property, make contracts and sue in its own name.