ALL YOU NEED TO KNOW SERIES
All You Need To Know About…
… Articles of Incorporation, Bylaws, Board of Directors
This short, free presentation will provide the basics plus links to give you resources to investigate further.
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If you have difficulty opening the link, just send me an email, and I can mail or email a copy.
Before we proceed, let’s ask, “What is the Small Business Administration (SBA)?” The Small Business Administration (SBA) is a United States government agency that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is “to maintain and strengthen the nation’s economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters,” The agency’s activities are summarized as the “3 Cs” of capital, contracts and counseling.
For LLC business owners: take advantage of this link to the Small Business Administration for details about establishing Articles of organization and operating agreements. In part, it states:
No matter where your LLC is located, two documents are crucial to its success; the articles of organization (the same as articles of incorporation) and operating agreement:
“The Articles of Organization is a simple document that legitimizes your LLC and includes information like your busines-s name, address, the names of its members, and if necessary, the name and address of a registered agent who is authorized to accept legal documents on behalf o the business. The form is provided by and filed with your state’s LLC office, typically the Secretary of State…. Your LLC is legally formed once your articles of organization are approved by your state.
An Operating Agreement …structures the business’s financial and functional decisions. The purpose of an operating agreement is to govern the internal operations of the business in a way that suits the needs of its members (owners). Typically, an operating agreement includes a breakdown of member’ ownership percentages along with each membe’s responsibilities, powers, and duties; an explanation of how of profits/losses will be distributed; a description of how and when meetings will be held; and the procedures for buying out/transferring interest when members leave the LLC.”
The SBA also offers: the Top 10 Questions About Small Business Incorporation
If you are interested in my helping you with your Articles of Incorporation or you want to take our classes about starting and operating a small business, click here for more information or contact me.