The form is designed in such a way to ensure the LLC takes the brunt of any lawsuits and other legal issues. With these provisions in place, the owner is essentially shielded from having a lawsuit filed against them directly. A few of the key points covered in the form include:
- The legal name of the company;
- When the company was formed;
- The company’s purpose;
- The rights and powers of the owner;
- When distributions can be taken; and
- Tax and bookkeeping rules.