Two of the most important aspects of doing business using the LLC form are the limited personal liability enjoyed by LLC members and the tax benefits that may flow from the LLC form of business. Such limited liability and tax benefits will be available, however, only if the members of the limited liability company follow certain formalities. The purpose of this paper is to familiarize you with some of the basic requirements of limited liability company law and to make you aware of certain areas in which it is important that you seek further legal guidance before acting.
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