The Life-Cycle of an LLC
1. Formation
First, an LLC is Formed. The state jurisdiction in which the LLC is Formed is called its “Primary” or “Domestic” jurisdiction.
2. Qualification
Next, the LLC is immediately Qualified to Do Business in all the jurisdictions in which it will be operating. The jurisdictions in which the LLC is Qualified are called its “Secondary” or “Foreign” jurisdictions.
3. Registered Agent
As a part of the acts of Formation and Qualification, the LLC appoints its Registered Agents, who physically reside within the borders of each of its jurisdictions. Registered Agents are appointed to receive important documents such as Services of Process when the LLC is a party in a legal action such as a lawsuit.
4. Annual Maintenance
According to the requirements of each jurisdiction, the LLC must typically file Annual or Biennial Reports, and remit fees to the Secretaries of State in each of its jurisdictions.
5. Cancellation & Withdrawal
Finally, if an LLC is no longer to be used, it is Cancelled in its Domestic jurisdiction and Withdrawn in all of its Foreign jurisdictions.
Tags: Annual Filings, Annual Reports, Cancellation, Compliance, Formation, LLC, Maintenance, Qualification, Registered Agent, Withdrawal
