I have decided to form an LLC for my project. What do I need to do?

The first step in establishing an LLC is to file the Articles of Organization with the state in which you plan to do business.

Each state will have its own separate requirements of what needs to be included in the Articles of Organization and what documentation must accompany it.

For example, in New York, there is a publication requirement. This means that the members of the LLC must publish its initial Articles of Organization in two recognized newspapers for six consecutive weeks.

Additionally, although it is not necessarily required, the members of an LLC are encouraged to adopt a written Operating Agreement, an internal document that outlines the separate members’ obligations by and between themselves with respect to the LLC.

Here’s a link to a sample New York State Operating Agreement [PDF].

Consult your state law for more specific information. We’ll be updating this with other states’ details.

The foregoing is not intended to be, and should not be construed to be, tax advice. This website offers general answers to general questions based on information obtained from www.irs.gov and other publicly available information. Collaborative Fund cannot be held responsible for the results of any position taken on a tax return by any user of this site. Users should always obtain independent tax advice from a qualified tax professional to determine the tax consequences applicable to such user’s personal situation.