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You are here: Home / LLCs / What Is Required To Maintain An LLC?

Nov 04 2019

What Is Required To Maintain An LLC?

What Is Required To Maintain An LLC?

Keeping an LLC properly maintained and legally operating should be part of the internal business systems in your company. It’s also critical to operate the LLC within all governing laws. If you have an LLC, then you must give attention to these matters. The following are some tips to following regarding what is required to maintain an LLC:

Follow The Law

It sounds like a “no brainer” to give advice to “follow the law”. There will be legal requirements for your LLC in the State where the LLC was formed. However, it’s always surprising how many LLCs ignore the legal requirements. Not following the law makes it really simple for an aggressive lawyer to ask the judge to set your LLC aside and go straight to your personal assets.

Don’t Allow Your LLC To Be Suspended

A rocket scientist isn’t required to know that a suspended LLC means the company has lost the authorization of the State. Just like a suspended drivers’ license means you aren’t legal to drive, a suspended LLC isn’t legal to operate.

Consider The Law Where You May Do Business

The world is shrinking and more and more even small companies find themselves doing work outside their home state. Generally, the decision as to the law that will be used is the jurisdiction where the LLC was formed, but the proper State’s law to apply can change. The decision on whether to set aside the LLC to get to the personal wealth you’ve created is largely based upon public policy considerations.

What Is Required To Maintain An LLC?

Compliance With Your LLC’s Internal Rules

Red tape and paperwork aren’t the fun part of business for most of us. The government heaps piles of forms to complete, seemingly impossible obligations for payroll, workers’ compensation, unemployment, and the list goes on and on. You shouldn’t overlook the operating agreement that governs the LLC. You will have a difficult time explaining why the court should agree your company is an LLC if you ignore the internal rules of your LLC.

Keep Your Personal Interests Separate From The LLC

You spend the bigger part of your life marketing, selling, operating, managing, and getting the work done. Success isn’t handed out like a participation trophy. Your industry is competitive and sometimes it feels like you need an extra 40 hours a week. It becomes really easy to take care of personal matters during the day when you have 60 seconds. If you aren’t careful those personal things become mixed into the operations of the LLC. The company starts to look less like an LLC and more like an individual running a sole proprietorship.

Use Third-Party Vendors To Assist

Learning to delegate simple tasks is the key to growth and also your sanity. You may think you can do it all, but time will prove you can’t. Some tasks are hard to delegate because they occur infrequently. For example, the annual meeting of the LLC members only takes place once a year (probably has something to do with the word “annual”). Retain a third-party vendor to assist with the arrangements of the meeting in compliance with the operating agreement or to help out with the company minutes.

Take A Quick Peek At Our LLC Maintenance Plans

We know LLCs struggle over the issue of proper maintenance that places the LLC at risk. As a result, we set up flat-fee pricing plans at affordable prices for all kinds of businesses. You decide the plan that best fits your budget without the worry of not knowing how much you’re about to spend meeting for the review. Use the check-up of your LLC as a reminder of what you already know to do and as a learning tool if you aren’t sure about how to run an LLC.

You Have Worked Hard, Don’t Risk Everything

It’s always sad to see years of hard work and accumulated wealth blow away when an LLC is held not to be valid. If the LLC veil is pierced, then it’s no longer providing the limited liability you wanted. The LLC was supposed to protect personal assets from loss. In order to do its job, the LLC must be given attention, diligence, and treated like a genuine LLC. An LLC is not just a piece of paper from the Secretary of State.

Make sure your LLC is well-maintained and giving you the liability protection you and your family deserve!

Written by buckmanlaw · Categorized: LLCs

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