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Simple English definitions for legal terms
Articles of Organization
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A quick definition of Articles of Organization:
The articles of organization are a document that creates a limited liability company (LLC). It's like a birth certificate for a new business. The members of the LLC have to file the articles of organization with the state government to get approval. The document includes important information about the LLC, like its name, address, purpose, and who is in charge. Once the state approves the articles of organization, the LLC becomes a real business. The members may have to do other paperwork to keep the LLC in good standing.
A more thorough explanation:
The articles of organization are a legal document that creates a limited liability company (LLC). This document must be filed with the state government, usually the Secretary of State, for approval. Once approved, the LLC becomes a separate legal entity.
For example, if John and Jane want to start a business together and protect their personal assets, they can create an LLC by filing articles of organization with the state government.
The articles of organization include important information about the LLC, such as:
- The name of the company
- The names of the founding members
- The business address
- The purpose of the business
- The name of the registered agent
- The names of any managers or directors
- The start date of the business
- The duration of the LLC
It is important to keep the LLC in compliance with state regulations by making any necessary filings after the creation of the LLC.
For example, if John and Jane's LLC changes its business address, they must file an update with the state government to keep their LLC in good standing.