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Formation Checklist
1 Uses for limited liability company
A. New Ventures
B. Conversion of existing corporation
C. Conversion of existing partnership
D. Estate planning
E. Joint ventures
F. Subsidiary companies
2 Taxes for company and owners
A. Treatment as partnership
B. Investment in company
C. Profits and losses
D. Distributions
3 Starting up the company
A. Articles of organization
B. Operating agreement
C. Organizers
D. Owners
E. Name
F. Registered agent
G. Registered office
H. Qualifying to do business
4 Managing the company
A. Owners' authority
B. Delegation to managers
C. Duties
D. Limitation of liability of owners and managers
E. Indemnification of owners and managers
F. Power of attorney
5 Decision making
A. Managers
B. Voting by owners
6 Recordkeeping
A. Organizational documents
B. Bookkeeping records
C. Tax records
D. Inspection by owners
7 Financing
A. Capital contributions
B Loans
C. Guarantees
D. Sharing of profits and losses
8 Ownership
A. Sale of interests
B. Consents to transfers
C. Rights to receive distributions
D. Right to vote.
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