Campus Ceo Presentation10.21.09
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Campus Ceo Presentation10.21.09

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Campus CEO Presentation on Entrepreneurial Networking

Campus CEO Presentation on Entrepreneurial Networking

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  • The Limited Liability Company, or LLC, has in recent years become the most popular legal structure for small businesses wishing to incorporate. The exact requirements vary slightly from state to state, but setting up an LLC is a relatively simple process that can usually be done in an hour or less, depending on the complexity of your organizational structure. Big and Small Companies form LLC and the sole reason is because the LLC is the most advantageous legal structure to create a company.

Campus Ceo Presentation10.21.09 Campus Ceo Presentation10.21.09 Presentation Transcript

  • Campus CEO Limited Liability Company [LLC]
  •  
  • What Exactly is an LLC?
    • Legally, an LLC is a person that has been created under state law
    • Just like a person, an LLC has rights and obligations: right to do business and obligation to pay taxes.
    • Purpose: LLC’s allow people to invest in a new business but not risk unlimited personal liability.
  • Important Characteristics of LLC’s
    • Member – a person who owns an interest in an LLC. Members can run the LLC themselves or hire managers
    • Manager – a person who runs an LLC
    • Articles of Organization – the document that is filled to start the LLC.
    • Operating Agreement – a document that sets the rights and obligations of the members and rules for running the LLC.
    • Annual Report – financial report on the members and status of the company.
  • Advantages [&] Disadvantages
    • Limited Liability of Owners
    • No personal assets of owners are at risk
    • Perpetual Existence
    • Share of profits with owners
    • Ease of Raising Capital
    • Costs: filling, publication, capitalization maintenance
    • Must separate records of owner and LLC
    • Taxes must be as unemployment compensation
    • Must Set up new bank account
  • Types of LLC’s
    • Domestic or Foreign LLC
    • Delaware or Nevada LLC
    • Professional LLC (PLLC)
    • Single or Multiple Member LLC
  • Startup Procedures
    • Choosing Company Name (State Entity Search)
    • Trademark Name and Logo ( www.uspto.gov )
    • Complete Articles of Organization
    • Publication – Notice of formation newspapers
    • Complete Operating Agreement
    • Capitalization – Fund Business Account
  • Managing Your LLC
    • Use Operating Agreement and Business Plan
    • Minutes – Keep detailed and accurate records
    • Member Meetings – (Shareholder Meetings)
    • Annual Reports & Financial Statements
  • Think & Go!
    • LegalZoom (www.legalzoom.com)
    • Entity Search:
    • MA: http://corp.sec.state.ma.us/corp/corpsearch/corpsearchinput.asp
    • NY: http://appsext8.dos.state.ny.us/corp_public/CORPSEARCH.ENTITY_SEARCH_ENTRY?p_entity_name=J.A.%20Hamilton%20Group&p_name_type=A&p_search_type=CONTAINS
    • State: Secretary of State