The Missouri Limited Liability Company Act is found in Section 347 of the Missouri statutes. This landmark law has paved the way to making Missouri entrepreneurship easier and less risky.
Missouri lawmakers passed this Act in 1993. Since then, many choose an LLC in Missouri for operating their business. This is because the limited liability company was designed for small business.
STATE OFFICE REGULATING MISSOURI LIMITED LIABILITY COMPANIES
The primary state agency for forming LLCs is the Secretary of State, in Jefferson City. This regulatory body handles the rules for all legal entities including an LLC Missouri.
LLCS ALLOWED UNDER MISSOURI LAWS
The Missouri Limited Liability Company Act makes it clear that a foreign, domestic, and professional LLCs can be formed in the state of Missouri. The business is given perpetual life through Section 347.039.
The Act does not address non-profit LLCs and many lawyers believe that a non-profit LLC is not possible in Missouri because under Section 347.035, the Missouri laws require that a limited liability company be formed for a lawful business purpose. A business purpose is usually contrary to a nonprofit purpose.
OTHER KEY MISSOURI LLC LAW PROVISIONS
Section 247.113 governs the admission of a member to an LLC in Missouri. According to the law, this occurs when properly evidenced in the LLC Operating Agreement of a company. Unlike other states, Missouri actually requires that every LLC have an operating agreement.
This is a smart requirement because it reduces the changes of disputes, uncertainties and misunderstandings later.
Section 247.065 of the Missouri Act covers management matters and states that every Missouri LLC is member managed as a default structure. A company can change this to a manager managed structure if desired.
MISSOURI STATE TAXATION
Every business is subject to federal taxation under the Internal Revenue Code. Generally, income of a Missouri LLC is passed through to the owners and reported on their personal tax returns. Under Missouri state tax laws, an owner must pay Missouri state taxes if (i) such person or entity is a resident of Missouri or (ii) the income was derived from Missouri sources. The Missouri Department of Revenue, also located in Jefferson City, MO, handles state tax matters.
FORMATION OF A MISSOURI LLC
The Act contains straightforward provisions for what is required to form an LLC in Missouri. Provisions cover all relevant areas including name rules, registered agent, business purpose, management, duration, organizers and effective date.
It is essential that you properly form your LLC in stringent fulfillment of state LLC regulatory requirements as indicated in the Missouri Limited Liability Company Act. - 15246
Missouri lawmakers passed this Act in 1993. Since then, many choose an LLC in Missouri for operating their business. This is because the limited liability company was designed for small business.
STATE OFFICE REGULATING MISSOURI LIMITED LIABILITY COMPANIES
The primary state agency for forming LLCs is the Secretary of State, in Jefferson City. This regulatory body handles the rules for all legal entities including an LLC Missouri.
LLCS ALLOWED UNDER MISSOURI LAWS
The Missouri Limited Liability Company Act makes it clear that a foreign, domestic, and professional LLCs can be formed in the state of Missouri. The business is given perpetual life through Section 347.039.
The Act does not address non-profit LLCs and many lawyers believe that a non-profit LLC is not possible in Missouri because under Section 347.035, the Missouri laws require that a limited liability company be formed for a lawful business purpose. A business purpose is usually contrary to a nonprofit purpose.
OTHER KEY MISSOURI LLC LAW PROVISIONS
Section 247.113 governs the admission of a member to an LLC in Missouri. According to the law, this occurs when properly evidenced in the LLC Operating Agreement of a company. Unlike other states, Missouri actually requires that every LLC have an operating agreement.
This is a smart requirement because it reduces the changes of disputes, uncertainties and misunderstandings later.
Section 247.065 of the Missouri Act covers management matters and states that every Missouri LLC is member managed as a default structure. A company can change this to a manager managed structure if desired.
MISSOURI STATE TAXATION
Every business is subject to federal taxation under the Internal Revenue Code. Generally, income of a Missouri LLC is passed through to the owners and reported on their personal tax returns. Under Missouri state tax laws, an owner must pay Missouri state taxes if (i) such person or entity is a resident of Missouri or (ii) the income was derived from Missouri sources. The Missouri Department of Revenue, also located in Jefferson City, MO, handles state tax matters.
FORMATION OF A MISSOURI LLC
The Act contains straightforward provisions for what is required to form an LLC in Missouri. Provisions cover all relevant areas including name rules, registered agent, business purpose, management, duration, organizers and effective date.
It is essential that you properly form your LLC in stringent fulfillment of state LLC regulatory requirements as indicated in the Missouri Limited Liability Company Act. - 15246
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