What does it take to form an LLC with only 1 individual in the LLC?
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What does it take to form an LLC with only 1 individual in the LLC?
Asked on March 7, 2011 under Business Law, Minnesota
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
In many states, a person can form an LLC. Further, depending on if you require a business license to conduct the activity you are conducting, your dba could be the LLC. To find out what is required, and if the 1 person LLC is the best business model for you, check out your state's secretary of state's website. The website can tell you what types of business models are available for you (from a corporation to s corporation to LLC and if there are minimum ownership requirements) and the office may also have a slew of brochures for you that give you the general legal differences between all forms of business. Of course, nothing replaces the one on one consultation you could obtain from a business lawyer who specializes in 1 member LLC's or sole member corporations. Consider consulting with an attorney in your state about it. In Minnesota in particular, you can file for a one member LLC by filing the required Articles of Organization (like the Articles of Incorporation if a corporation) along with filing fees. Understand your LLC would not be legally recognized until it obtained the Secretary of State's approval of your documents, which includes the Articles of Organization.
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