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Limited Liability Companies (LLCs)

Limited Liability Companies (LLCs). Publication 119 (5/21). TABLE OF CONTENTS. Page 1. General .. 4. 2. DEFINITIONS APPLICABLE TO LLCs ..4. 3. FORMATION OF AN LLC ..5. Who May Organize an LLC? .. 5. For What Purpose May an LLC Be Organized? .. 5. Who May Become an LLC Member? .. 5. How Is a Member's Interest in an LLC Determined? .. 5. What Is the Nature of an LLC Interest? .. 5. What Are the Requirements in Naming an LLC? .. 5. How Is a Foreign LLC Treated in Wisconsin? .. 6. 4. management OF LLC ..6. Who Is Responsible For the management of an LLC?.. 6. How Is the Business Operation of an LLC Managed? .. 6. Who Makes the Decisions for an LLC? .. 6. Are Managers Required to Be Members of an LLC? .. 6. What Are the Responsibilities of a Member For the Liabilities of the LLC? .. 6. Who Has Ownership of LLC Property? .. 6. How Are Profits and Losses of the LLC Allocated and Distributed?

How Is an LLC Classified Under the Internal Revenue Code ... Management of an LLC is the responsibility of its members, unless its articles of organization vest management authority in one or more managers. Managers or members exercising management responsibilities have the ...

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