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Frequently Asked Questions

To pass an LLC resolution, the members of an LLC would either have to hold a meeting or issue a written consent. Since an LLC Consent in Lieu of Meeting is a form that replaces the actual meeting, it’s not needed if the meeting is to be held for voting on the resolution.

While it’s true that an LLC Consent in Lieu of Meeting can save a lot of time for all involved in an LLC, it’s not always the best choice. If there’s any doubt that the members and managers of an LLC are not in agreement regarding the resolution, it’s almost always best to hold a meeting.

Because an LLC Consent in Lieu of Meeting would have the signatures of the LLC’s members and managers, the content is extremely important. Mistakes happen and that is why it's so important to review the document before signing. In the event of an error, the document will become invalid and you’ll have no choice but to create a new one.

Perhaps the most prominent difference is that an LLC is owned by one or several members and a corporation is owned by shareholders. Apart from that, there are significant differences in the taxation and maintenance of these companies. In terms of formal requirements, a corporation is more onerously regulated. For example, a corporation is obligated to hold annual shareholders' meeting and file annual reports.

An LLC’s operating agreement is a legal document that describes all the duties that the members and managers of the LLC have toward the company. Every LLC should have an operating agreement for its smooth operation. This document outlines the organization’s management and how voting works in the company. It also documents the capital contributions and how membership changes are to be conducted.