Jacksonville Limited Liability Company Law

A limited liability company (LLC) is a hybrid organization that has features of both a corporation and a partnership. Its owners are called members (comparable to corporate shareholders) receive interests in the LLC in exchange for property, money, or services.

Like a corporation, it is a separate legal entity for purposes of limited liability of its members. It has the tax benefits, however, of a partnership. It also has the freedom from many of the legal formalities that govern corporations (e.g., annual reports, director meetings, shareholder requirements, etc.).

To create an LLC, members file articles of organization with the state and pay filing fees. Members should also have formal operating agreements, similar in concept to a partnership agreement, that explains the operation and management of the business. Ourednik Law can consult with you on these matters.

There has been a lot of fanfare regarding this form of business enterprise and the law is still germinating. Each state has its own set of statutes governing LLCs—which must dovetail with IRS guidelines which are in constant evolution. For this reason, it is a necessity to have the advice of an qualified tax attorney to determine how the LLC law best applies to your situation

 Karel Ourednik IV, Esquire
Ourednik Law Offices, P.A.
5000 Sawgrass Village Circle Suite 6
Ponte Vedra Beach, FL 32082
PH: (904) 280-2611
FAX: (904) 280-2612
EMAIL: karel@ourednik.com  

Jacksonville Limited Liability Company Law