Choosing the Best Vehicle to Drive Your Alabama Business Forward
Of the several business forms to choose from, the limited liability company (LLC) has proven to be one of the most popular choices since its inception. The owners of an LLC are called “members.” The LLC limits the liability of members to the amount of their investment in the company. In other words, where a person operating a sole proprietorship who accidentally caused an injury could be personally liable and lose everything they own, a person who forms an LLC will be liable for the same tort only up to the amount that they invest in the LLC. Decision-making regimes in LLC’s vary, with some choosing to vest authority solely with the members, while others share some of the decision-making authority with management. Of course, one person sometimes serves dual roles of member and manager.
Forming an LLC with the assistance of our Birmingham legal team at Parkman White, LLP is relatively straight-forward and painless. An article of organization must be filed with the secretary of state. An article of organization is a non-public operating agreement that details rights, obligations, and duties of managers and members. If you are considering forming a business organization and need help choosing the form that best suits your unique needs and drafting the agreement in a way that best protects your personal assets, the attorneys of Parkman White, LLP can help. Contact our Birmingham legal team today to discuss your options. Whether you are in Hoover, Vestavia Hills, Mountain Brook or any other surrounding area, call us today at 205-502-2000.