Forming a south dakota llc is simple. Simply contact your South Dakota state corporation commission. Forming a south dakota llc can be done by completing the prescribed forms online. You do not have to worry about registering the LLC, paying taxes, or paying licenses fees. A South Dakota LLC is not considering a corporation until it has been established. Forming an LLC in South Dakota does not take away power from the owner.
Forming a South Dakota Limited Liability Company (LLC) starts with filing Articles of Organization with the South Dakota s Secretary of States. Specific requirements for your business will determine the next several steps, but generally for most businesses, the path to an operational business-ready LLC has:
Once the Articles of Organization are filed, the LLC will be registered with the state. In some cases the LLC will become an inactive entity and will not appear on any documents. If this happens, the LLC will need to contact the appropriate permits and licenses departments. Each state will have different requirements.
How to Form LLCs in South Dakota
Upon being registered, the LLC will need to determine its operating agreement and select a board of directors. In South Dakota, there is a limited liability company filing requirement. This means all partners and members are treated as individual entities, and there is only one registered agent. Because of the limited liability nature of an LLC, there is not a second registered agent, and therefore there is only one director and one secretary for the entire LLC. This is also required in all 50 states.
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In addition to the operating agreement, business entity identification, and officers' clause, a South Dakota LLC has another requirement that is much more common than you might think. That is to ensure that it can legally do business in the state. For example, if the LLC has partners that live in another state, they must incorporate in that other state. Otherwise, they are not permitted to transact business in South Dakota. Although they can continue to reside in South Dakota, they must designate an agent who lives in the state to register and serve as the LLC's registered agent. Additionally, an LLC may continue to transact business even if it is registered in another state, if all of the requirements of its registration in South Dakota are met.
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In order to know whether a company is permitted to do business in South Dakota, it must have its LLC registered. All LLCs must appoint a Secretary and a Registered Agent. Each member of the LLC is responsible for paying the appropriate fees to these officers. The Secretary is the principal officer of the LLC and registers its name at the office of the Secretary of State in South Dakota. The registered agent service is responsible for maintaining proper documentation for the LLC and keeping the appointments of all of the LLC's officers and agents.
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Each member of the LLC is also responsible for preparing and executing the Operating Agreement, which is a document that governs all of the business transactions and day to day activities of the LLC. All member should read the Operating Agreement before signing it. The Operating Agreement must include the names of the LLC's directors and also each member's name. It should also have a provision that permits the members of the LLC to change their corporation or LLC registration at any time, up to one year after the date of filing the Operating Agreement. Each line item in the Operating Agreement should also be in full compliance with the laws that would govern conducting business in South Dakota.
The last step in the process of incorporating an LLC in south Dakota is to file the Operating Agreement, along with all of the other required documents. The documents include the Notice of Incorporation, Articles of Organization, and the Operating Agreement. All of these items are required for the simple fact that they help to explain to the south Dakota public exactly what an LLC is and all that it requires to operate. If you are looking to incorporate an LLC in south Dakota, there are numerous companies that are willing to help you out.
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