Tag Archive | "Limited Liability Company"

myIndianaLLC.com – Form an Indiana LLC Online!

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myIndianaLLC.com – Form an Indiana LLC Online!


MyIndianaLLC - Logo1(bvp)Today I launched a new a couple of new websites, one of which is myIndianaLLC.com. Over the past year, a good deal of my solo legal practice has been driven by the various blogs and sites I maintain on the internet, including this one.  One thing I have learned is that not everyone that finds me wants a “traditional” experience with an attorney. They know what they want in terms of legal advice or documents. They want it quick, and they want it to be affordable. They don’t need or want to meet face to face. They don’t want to visit an office. They don’t want broad representation. Some of them need an LLC formed. Some of then need a power of attorney.

myIndianaLLC.com caters to the needs of these people. By using carefully designed, interactive questionnaires that help me quickly assemble documents, I am able to form and organize an Indiana Limited Liability Company at a fraction of the cost that some other attorneys charge. In fact, the prices on myIndianaLLC.com are right on par with non-attorney legal form sites such as LegalZoom.com. Keep in mind that LegalZoom.com is not an attorney and may not give you legal advice – I can.   Not to mention that myIndianaLLC.com will form your Indiana LLC and return all of your documents to you in either 1 or 3 business days, depending on which package you purchase.  You get an Indiana LLC, prepared online by an Indiana LLC Attorney.

So what do you get?

A single member LLC starts at $400.  A multiple member LLC starts at $600.  You get:

  • Articles of Organization that have been filed with the Indiana Secretary of State (the filing fee of $87 is included in your price!).
  • A Certificate of Organization from the Indiana Secretary of State.
  • A Single Member Operating Agreement.
  • Organizing Resolutions of the Members or Managers.
  • A Membership Interest Certificate, evidencing your ownership interest in your new Indiana LLC.
  • A memo with instructions on what to do with your documents, how to apply for an EIN, various state reporting requirements, and advice regarding how to maintain the limited liability protections provided by your LLC.

How Does it work?

Follow a simple process to get started:

  1. Choose the Indiana LLC package you would like to purchase.
  2. Register for an account (subject to terms of use).
  3. Purchase your Indiana LLC package.
  4. Fill out our easy online questionnaire

Once you complete the questionnaire, the documents associated with your Indiana LLC will be generated and sent to experienced LLC attorney Brian V. Powers for review.  We will review them, follow up with any questions, file the appropriate documents with the Indiana Secretary of State, and when everything has been completed, we upload your completed documents to the site where they will be available for your download.

Why are online legal services fast and affordable?
Its the technology of course!  By using the latest in online document automation technology, your documents are prepared quickly without the need to a paralegal or legal secretary to key in your information.  Our technology is smart too – it knows how to assemble your document based on the answer you provide.  Answers are collected online.  Payments are collected online.  Documents and advice are delivered online (and by phone from time to time).  Most lawyers waste a lot of time and money on expensive offices, unnecessary staff & overhead, and client meetings.  Not here.  We focus on you and your legal needs – which saves you time and money!

Why are online legal services fast and affordable?

Its the technology of course!  By using the latest in online document automation technology, your LLC documents are prepared quickly without the need to have a paralegal or legal secretary to key in your information.  Our technology is smart too – it knows how to assemble your document based on the answer you provide.  Answers are collected online.  Payments are collected online.  Documents and advice are delivered online (and by phone from time to time).  Most lawyers waste a lot of time and money on expensive offices, unnecessary staff & overhead, and client meetings.  Not here.  We focus on you and your legal needs and organizing your Indiana LLC – which saves you time and money!

Compare Us to Others – A Licensed Attorney vs Legal Forms Providers

applesorangesI challenge you to find a better value anywhere. In fact, here is a link to the “leading” online document-preparation service: LegalZoom(tm).  I put that link there hoping you will click on it, and knowing that you’ll be back.  I spend a lot of time fixing the mistakes they, and other non-attorney document preparation services, make.  The advantage of using us – you’ll have the advantage of a real lawyer personally preparing your LLC documents and forming your Indiana limited liability company, instead of some non-attorney clerk on the other side of the country.

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LLC Operating Agreements – Restricting the Transfer of Membership Units.

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LLC Operating Agreements – Restricting the Transfer of Membership Units.


An operating agreement is the organic document of a Limited Liability Company.  It defines the relationship of the members among each other, the relationship of members with the company, and how the company will be managed / operated.  One important component of an operating agreement, in the context of a multiple member limited liability company, is the inclusion of provisions which restrict the transferability of membership interests.  In the context of a corporation, this would normally be handled in a buy-sell agreement – but for a limited liability company, it is typically addressed in the operating agreement (although it certainly could be addressed in a separate buy-sell agreement among the members.)

The importance of these provisions is to maintain the closely held structure of the LLC.  If members are allowed to freely transfer their interests, or if those membership interests are freely allowed to transfer via involuntary means (i.e. death, divorce, bankruptcy), members who originally started the business with one or more particular members may be forced to continue the business with new members that they do not necessarily approve of.  Putting restrictions on transferability can solve this issue by giving members control over how/when/why membership interests can be transferred.

If you are interested in learning more about what types of things should typically be considered in these provisions, check out my post on buy-sell agreements.

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Manager Managed vs Member Managed – What is the Difference

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Manager Managed vs Member Managed – What is the Difference


Limited liability companies (LLCs) can be managed by either their members, or by a board of managers (board of managers is the term used in Indiana – some states differ slightly).  This is something that needs to be specified in the articles of organization for the LLC, and although the articles can obviously be amended at any time to change how the LLC is managed, it is an important decision nevertheless.

A member managed LLC is exactly what it sounds like – an LLC with its daily business managed by its members.  This is obviously not a big deal if you have one, or even two members.  Problems arise when an LLC has multiple members.  Typically, except as otherwise spelled out in a written operating agreement, all of the members will have the authority to act on behalf of the LLC (sign checks, execute agreements…etc).   This is not an ideal situation.

A manager-managed LLC, on the other hand, has its daily business matters managed by a board of managers.  This would be analogous to a board of directors or even officers in a corporation. Members elect the board of managers, and become much more passive in the operation of the LLC.  Members, of course, can also serve as managers.  The flip side of this, and another advantage to having a manager managed LLC is that you can elect managers that are not members.

Any LLC, regardless of whether it is member managed or manager managed should clearly define the authority of its members and managers in a written operating agreement executed by all the members and the LLC.   Check back sometime soon for a follow up post about how this should be handled and what things need to be considered.

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Starting a Business – Forming an LLC (Limited Liability Company)

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Starting a Business – Forming an LLC (Limited Liability Company)


Beginning in the late 1980s, various states began exploring a hybrid entity, one in which co-owners would enjoy the liability protection of limited partner status and the management participation feature of the general partners. Wyoming was the first state to enact its limited liability company statute and many states quickly followed suit. Indiana adopted its limited liability company statute, known as the Indiana Business Flexibility Act, in 1993.

Most of the characteristics of a partnership are shared by the limited liability company. The company is formed upon filing articles of organization with the Secretary of State’s office; rights and responsibilities are spelled out in a written operating agreement; the interests are freely transferable (though again, the transferee does not automatically become a member in the company); and the entity itself usually does not pay any tax, although some states other than Indiana do subject limited liability companies to franchise taxes.

A major difference between a partnership and a limited liability company is that each of its members enjoys liability protection. Another major difference is that in recent years, most states have recognized limited liability companies with only one owner. This means that you can protect yourself from personal liability and yet still operate your business, in many ways, as you would a sole proprietorship (presuming you comply with the formalities of the limited liability company). These so-called “single member LLCs” offer an important tax advantage—annual information can be reported on the owner’s individual tax return, and no separate tax return or identification number is required.

A limited liability company can either be managed by its members, or the members may select one or more managers (e.g., a board of managers similar to a corporate board of directors) to run the business. Most states will require you to decide upfront how the company will be managed. All things being equal, most business owners will choose the limited liability company form over the partnership form. However, things are almost never equal and nuances do exist. It is important to discuss these details with your attorney.

The Law Office of Brian V Powers works with new and prospective business owners to aid in the purchase, structuring and formation of a new business. We also provide convenient, fixed pricing for certain business formation legal services.  Contact us today at inquiries@bvplegal.com for help forming your Indiana Limited Liability Company.

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