We broadly touched upon what a limited liability company (“LLC”) is in the previous post but how does one go about forming an LLC?
Because an LLC is authorized under Nebraska’s statutes, the statutes must be followed to form an LLC. What are the steps involved?
- Choose a name for the LLC. Note that the name must include ‘Limited Liability Company’, ‘LLC’, or ‘L.L.C.’ so the public is aware that it is an LLC.
- File a Certificate of Organization with the Nebraska Secretary of State. The Certificate of Organization must include the LLC’s name and address, as well as the name and address of the registered agent of the LLC. The registered agent is the person or entity authorized to receive legal papers for the LLC. You also want to indicate the nature of the business on the Certificate of Organization. The filing fee is $100.
- You are required to publish notice of organization for three successive weeks in a legal newspaper of general circulation near the designated office. The notice must include the name of the LLC, street and mailing address of the LLC’s office and registered agent, and if organized to render a professional service, the profession service its managers, members, professional employees, and agents are licensed or otherwise legally authorized to render in Nebraska.
- An LLC is also required to file biennial reports — reports filed once every two years with the Nebraska Secretary of State. These are filed in odd-numbered years. There is a filing fee and if a report is not filed, the LLC will be dissolved by the State of Nebraska.
Keep in mind that while an operating agreement is not required, it is highly recommended.
If you are thinking of an LLC as you begin your farm operation or as a mechanism to assist in business and estate planning, Legal Aid of Nebraska is here to help. Just feel free to contact us!