Common Contracts
1 similar Limited Liability Company (Llc) Operating Agreement contracts
Mash cast members who have diedLimited Liability Company (Llc) Operating Agreement • August 21st, 2021
Death is one of the things that makes a limited liability company different from a corporation. When a corporate stockholder dies, the stock becomes an asset of their estate. When an LLC owner dies, the transfer on death of the LLC membership interest can get more complicated. If the LLC operating agreement covers the death of a member, those instructions control what happens. Otherwise, it's up to state law, which may require anything from the deceased's heir inheriting the membership to dissolving the company. Just like a corporation, setting up a business as an LLC protects the owners from personal liability for business debts. However, an LLC is a much simpler business structure to set up. Unlike a C-corporation, an LLC doesn't pay tax: Business income is divided among the owners, who report it as personal income on their tax returns. Another corporation/LLC difference is ownership. Corporations can sell stock, then sell more stock, increasing the number of people with an ownership
