LLC in Georgia has become increasingly popular as a way for people to incorporate and operate their own business without being considered a full-fledged corporation. But there are some important things to consider before you open up an LLC in Georgia. First of all, an LLC is not considered a legal entity separate from its owners. A Limited Liability Company is a form of entity used in different kinds of transactions, but an LLC is not one of them.
An LLC is actually run by a board of directors. The most important decision that the board will make is who will serve as the president of the LLC. If you live in Georgia, there are a few choices. Two choices are available to you. One is to have someone local to serve as the president, and another is to have someone other than a member of the LLC serve as the president.
If you elect to have your business served by a member of the LLC, there are some specific requirements in terms of financial standing in the state. Every LLC member must be registered with the Office of the Secretary of State. Also, any limited liability company must be registered with the state as a non-profit company. You should note that the rules governing how an LLC can conduct business vary from state to state. So, it is important to seek the guidance of a lawyer when considering incorporating in Georgia.
What Is an LLC in Georgia?
Forming an LLC in Georgia may be done through the state's department of revenue. However, since the formation of limited liability companies is not required by law in Georgia, you may elect to file an Article of Organization form with the state's tax agency. This will give you an opportunity to describe what kind of business you are actually conducting and will also set forth the operating procedures that will be in place. The article of organization must include the name of the LLC, its office address and its officers. All of these entities must be certified before the LLC can transact business in the state.
If you wish to incorporate in Georgia, you will need to file a fictitious name statement along with an application for certificate of authority. The fictitious name statement is needed so that your new Limited Liability Company has a name that is distinct from other businesses. It must also be explained what kind of business you are planning to operate. Also, it is important to indicate who among your LLC members are allowed to make initial calls on behalf of the business. If you elect to incorporate in Georgia, you will also need to file an income tax identification number. Once this is completed, you will be able to run your business without being investigated by the state's Department of Revenue.
After filing the articles of organization and income tax identification number, you will be able to officially start your limited liability company. You will need to pay all of the required fees, and you will be required to register a business name with the state. You will then receive a certificate of title, which will show that your business is registered in the state. The next step in starting up your own LLC in Georgia is to choose the specific business entity that will conduct your business.
Limited Liability companies in Georgia have separate business and legal departments. Each member will need to designate a primary member as the company's general manager. This person will then assume direct possession of the business assets and liabilities. The company secretary, together with the members and the general manager, will conduct all business transactions.
Your llc georgia company must maintain regular meetings and be conducted according to your state's statute of business necessity. Meetings will generally be held once a month, with alternate managers designated at random. All of the members and general manager must be present at all meetings. Meeting minutes will be documented in writing and distributed to all members of the LLC. A complete set of rules must be maintained in the Operating Agreement, so that all of the LLC's responsibilities and duties can be defined clearly.
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