Limited Liability Company Basics

You and your buddies have been working on a killer business idea for years. Well before you graduated college and began your full-time job, the three of you are finally in a position to dedicate time, effort, and monetary resources to making your dream business become a reality.

But where to begin? Starting a business is a huge financial risk. You don’t want to put your cars, home, and personal belongings at risk if you aren’t able to pay your bills. Shielding your personal assets is one of the many benefits of starting a limited liability company (LLC).

You’ve floated the idea to your potential business partners, but need more specifics. The best plan of action is to speak to a lawyer before starting an LLC.

Operating Agreements
Remember, the strength of your LLC lies in the operating agreement. It dictates everything from your limited liability status, to head off financial and management issues, and more. Not every state requires you to create an LLC, but having one is always advisable, particularly if you wish to operate your company by your own methods and rules and not those imposed on you by default through South Carolina.

This checklist will provide you a list of first steps to take as you open for business. Keep in mind that your LLC’s start-up requirements might vary from the list below, depending on the specific type of business you are in, and where your business is located:

1. Decide on a business name for your Limited Liability Company (LLC)
2. Search availability of your LLC’s chosen business name, and for similarity to existing names.
3. Register your LLC name
4. Create and sign an LLC Operating Agreement
5. Write your LLC’s Articles of Organization
6. File your LLC’s Articles of Organization with the Secretary of State office in South Carolina
7. Obtain your federal and local business licenses and permits for your LLC

At Dunes Law Firm we have been securing transactions for years in South Carolina. We are comfortable in making sure your business formation is legal and established. Give us a call.

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