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A limited liability company LLC , is a legal entity, separate and distinct from its owners. It has aspects of a partnership. The owners of an LLC are called members and can be other entities or people. An operating agreement is a document that governs the affairs and management of an LLC. This agreement is signed by the members. It usually designates how profits, losses and distributions are shared and what events will cause the LLC to dissolve.
The operating agreements can handle business succession issues such as what will happen if a member dies, suffers a temporary or permanent incapacity or resigns. Some states provide that an LLC is dissolved when a member dies.
Some States, such as New Hampshire permits the member to designate a person to receive his right to vote and manage the LLC when he or she dies. Finally, an LLC does not automatically terminate or dissolve with the death of one of its members. Dissolution means that the LLC winds up its business, pays off its debts and finishes or transfers its contracts.
The LLC then distributes profits and losses among members before terminating. A few states have a law that states an LLC must dissolve if a member dies. Keeping on top of these items will make the sale process much easier and less stressful. Take action now and you will improve your chances for a successful exit. This is the first list of names. To my knowledge, the three groups named here represent the most complete listing ever published, in one place, of all the companies and people that were publicly busted or targeted by the FBI during Operation Bullpen.
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