20 Questions to Ask Before Forming an LLC
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This handout is meant to provide basic information to consider before forming an LLC. It is not specific to any state, but rather is meant to provide a high level overview for those considering forming an LLC. The information in this handout is for informational purposes only and should not be considered legal advice. Because each individual’s situation is unique, please consult an attorney.
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20 Questions to Ask Before Forming an LLC
- 1. Legal services for technology-based companies Twenty Questions to Consider Before Forming an LLC I. Initial Creation 1. Have you filed with the respective state agency and received confirmation of filing? 2. Where will your principal office be located? 3. Who will be the members? Can other members be added later? 4. Is there a finite term of existence? 5. What is the purpose of the company? II. Decision Making 6. What will member ownership percentages for the members be? 7. How will voting rights be determined? (Capital contribution, sweat equity, etc.) 8. Will there be more than one managers? 9. What role with those managers play in the day-to-day business operation? 10. What other powers will those managers have? (Enter into contracts, lease property, obtain loans on behalf of LLC, hire employees, sign checks, etc.) 11. What will be the method for internal dispute resolution? III. Finances 12. Who will supply capital contributions? 13. Will they be able to withdraw money from the capital account? 14. Who will bear any financial losses? 15. Who will keep the accounting books? Who will have access to those books? 16. How will the company be valued? IV. Exit Strategy 17. What if a manager is terminated/withdraws but is still a member, what membership ramifications will there be? 18. Will a withdrawing member have a certain repurchase price? Will non-withdrawing members have a right of first refusal to purchase withdrawing members’ interest? Will there be a forced sale in the event of withdrawal? 19. What will happen if the LLC decides to dissolve, how will assets be distributed? 20. Will members and/or managers be permitted to create competing or similar business ventures? _____________________________________________________________________________________ Ascentage Law, PLLC One Broadway, 14th Floor, Kendall Square, Cambridge, MA 02142 USA TEL: +1.617.475.1603 www.ascentagelaw.com FAX: +1.617.401.3706 The information above is for informational purposes only and should not be considered legal advice. Because each individual’s situation is unique, please consult an attorney.