Know about the Florida limited liability company act
A company which has a limited liability is business entity which can combine many attractive features in corporations and partnership potentially.
More about a limited liability company
According to the Texas limited liability company acta company having limited liability can provide all the owners or better known as members of the company with limited liabilities with any of the corporations with better and more flexible control and management by owners of the company which quite similar to partnership though it does differ from limited partnership as there is nothing like general partner in the partnership who is personally and automatically become liable for the liabilities of the company.
Steps in formulation of Limited Liability Company
According to the legislature a limited liability company can be formulated with the following steps –
- Technical requirement – certificate of formulation is required in which the state secretary of Texas should be filled in.
- Articles of organization with the same pursuant to that old act which was followed earlier.
- Filing fee – the fee is to be submitted for filing purpose of the organization
Members of Limited Liability Company
Instead of the partners or shareholders rather the owners are treated as members of the company. There are no limits on the type of or the number of members which a limited liability company can have though it is mandatory to have 2 or more than two members for obtaining tax treatment partnership for the tax purposes of income in U.S. the limited liability companies which are formed newly are being governed by Texas business organizations code.
Florida limited liability company actis a similar kind of act in which the public limited company can be a combination of specific features. These amendments are required to fulfill the criteria of filing for becoming a limited liability company.