Things Clients Should Know - No 1
In South Carolina, the law allows a client to file paperwork with the Secretary of State to form a limited liability company, withoug asistance of an attorney. We have had many clients who, either by themselves or with the help of other advisors, have filed charters without legal assistance, often with unintended results. The Articles of Organization, as the charter is called, set many important legal constraints on the LLC. If you don't know the difference between an at-will company and a term company, or between a manager-run LLC and a member-managed LLC, you should seek legal advice before filing your charter. Also, in almost every case, we strongly recommend that the LLC have a written operating agreement, which is similar to bylaws for a corporation.
- 2 years ago
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