A Limited Liability Company (or LLC) is a formal legal entity that combines some of the flexibility and tax* benefits of a partnership or sole proprietorship with the limited liability of a corporation. Depending on the needs of the business owner and the circumstances surrounding the business itself, an LLC can also be a useful tool in business succession planning.
Forming an LLC usually requires one or more owners (called members) to file paperwork (called Articles of Organization or Certificate of Formation) with the secretary of state. While usually not required, members may also adopt an operating agreement to better clarify expectations surrounding their rights and obligations to each other and the LLC itself.
To learn more about Powers of Attorney, please contact Seiter Law directly.