If the LLC will be Manager governed, an elected set of Managers (who can be people other than Members), will make the business decisions. Under this structure, the business will more closely resemble a traditional corporation, with the Managers acting as directors, and the owners acting as shareholders. If an LLC elects to be governed by Managers, this decision must be stated in the Articles of Organization.
Another important component when you are determining how to form an LLC is the creation of an LLC operating agreement. While operating agreements are not required under state law when forming an LLC and do not have to be filed with the state, they are very important documents to create because they help you and any other members of the LLC organize your business, plan for the future, and put all pertinent facts in writing.
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The law specifies that all taxable personal property must be assessed as of a specific point in time, and that point is precisely at 12:01 a.m. January 1 (regardless of what transpires after that date). Even if closed shortly after the lien date, a business must still file a Business Property Statement and pay taxes for the coming fiscal year on any taxable property they owned on the lien date.
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In a few states, you must take an additional step to make your company official: You must publish a simple notice in a local newspaper, stating that you intend to form an LLC. You are required to publish the notice several times over a period of weeks and then submit an "affidavit of publication" to the LLC filing office. Your local newspaper should be able to help you with this filing.
You must report personal property holdings in detail and as requested or mandated. If nothing has changed from the prior year (no equipment was purchased or sold), then you may refer to your prior year's Business Property Statement filing in order to be consistent in completing the current Business Property Statement. If you failed to keep a copy of the prior year's filing, you may request a copy of it from the Assessor's Office.
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