Know Your Facts -- Limited Liability Company Law June 19, 2004 Stephanie Eidolon Limited liability company law is a relatively recent addition to the books in the United States. In the past two decades, LLCs have spread throughout the United States as the practice has gained popularity and acceptance. Limited Liability Company laws are fairly simple, to that effect, and they allow for the combination of a corporation and a partnership, without the double taxation of both the individual and the business. As it is, this accounts for the radical growth in the number of LLCs in the United States over the past several years.

Set Up Your Own Business -- Guidelines

Of course, in order to be able to set up this kind of business, you need to know the laws. There are a few basic guidelines that are ubiquitous throughout all of the states, though each can have its own specific limitations for limited liability companies.

First, the company is not immortal. When one or more of the players in the game is unable to continue, whether for unexpected death or bankruptcy, then the business, too, dies. This is called "Limited Life." Second, you need to realize that this may be quite a complex process -- moreso than for a corporation.

You must file articles of organization with your state in order to make your LLC legitimate. The criteria for application and certain aspects of the company may be regulated by individual state legislatures, so it will certainly be wise to read up on your state's laws. To that effect, good luck!

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