Forming an LLC in Georgia
Form a Limited Liability Company in Georgia
What is an LLC
LLC Operating Agreements
Setting up an LLC
What is a Georgia LLC Operating Agreement?
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What is an LLC?
According to Georgia government a Georgia LLC – Limited Liability Company (LLC) is a business structure that is owned and managed by members who are granted limited liability. A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. Unlike a sole proprietorship, a Georgia LLC provides a separation between personal assets and the profits of a business. LLC stands for limited liability company, a business structure combining aspects of both corporations and partnerships.
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How to form an LLC in Georgia may include:
1. Reserve the name of the Georgia LLC with the Georgia Secretary of State office and pay the reservation fee to reserve your name.
2. Prepare and file the Articles of Organization for a Georgia LLC and pay the government filing fee.
3. Prepare the Operating Agreement for a Georgia LLC setting forth the terms and conditions of operation of the entity.
4. File for a federal (employer identification number (EIN)), state tax identification numbers, and any applicable license(s) based on the products or services being offered by the LLC.
5. Prepare resolutions adopting the Articles of Organization, Operating Agreement, resolutions confirming the nomination of members, as well as appoint personnel to obtain bank accounts, accountants, lawyers, licensing duties, and any other service or requirement necessary for establishing your particular legal entity.
6. Maintain all records for the Georgia LLC and file all applicable documents with tax, licensing and other federal, state, county, city and municipal regulatory bodies.
7. Contract in writing with all employees, independent contractors, and/or entities performing tasks or services for the Georgia LLC being mindful of ownership of intellectual property.
8. Maintain compliance with all employment, environmental, export, safety, tax, licensing, and all other laws and regulations governing the activities of the Georgia LLC.
9. Pursue protecting and owning all inventions, ideas, marks, logos, and works created, conceived and/or reduced to practice by anyone involved with the Georgia LLC.
This list of steps is not inclusive of all the legal requirements necessary to form and maintain an entity but rather represents a preliminary check list. Note many service providers offer incorporation services for a few hundred dollars, but in reality they are only offering the first two or three items listed above. The first purpose of setting up an entity is to provide you with limited liability, protecting your personal assets such as your home, car and 401k plan from the risks of starting a new venture.
Seek the advice of an attorney and make sure such attorney meets with you and outlines a written summary for your specific entity.
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What is a Georgia LLC Operating Agreement?
Either before or after the filing of the Articles of Organization, the members must enter into an operating agreement. An operating agreement for these purposes is an agreement among the members as to the operation of the Georgia LLC, how the LLC will conduct of its business, and what activities, products, or services the LLC will perform.