The governing document of the LLC is called an operating agreement, and it is within this document that the members lay out all important provisions, such as standards for LLC governance, ownership parameters, and rules around member changes (adding or removing members, or what happens in case of death or incapacity of a member). The operating agreement is an internal document and is an agreement amongst the members or owners, which means it is not recorded with the state.
If you have a great product, but no money to invest in a physical storefront, staff, and bills, why not set yourself up online? Aside from the lack of huge monetary investment and time commitment, the marketing opportunities online are endless. Also, although a storefront is great for branding purposes, it does limit the size and scope of your audience. By setting yourself up with an e-commerce store, you can:
Sociedad Anónima Abierta (S.A.A.): To qualify to register as an S.A.A., a company must meet one or more conditions laid down in Article 249 of Peru's General Corporation Law. Those conditions state there must be a primary public offering of shares or convertible bonds in stocks, which are held by more than 750 shareholders, more than 35% of its capital belonging to 175 shareholders, or that all shareholders entitled to vote approve the adjustment to the scheme. The S.A.A. is then audited by the Comisión Nacional Supervisora de Empresas y Valores (CONASEV).[50]
All formal business entities, including LLCs, are required to have a Registered Agent on file with the state at all times. The agent may be an individual or company with a physical address located in the state of incorporation. Agents must be available at all times during standard business hours (9 a.m. - 5 p.m. Monday – Friday). The role of a Registered Agent is to receive any and all of communications from the government to the business. The agent’s name and address must be disclosed as part of the company’s public record.
No Ownership Restrictions The LLC does not have any residency or citizenship restrictions, which allows foreign nationals to have ownership in an LLC, if desired. In addition, other corporate entities may be LLC members which means that other corporations or LLCs (or other entities) may be a member of the LLC, or may be the sole member (although an LLC with a sole member that is a corporation or LLC is treated for tax purposes as a partnership or multi-member LLC).
A business entity is an entity that is formed and administered as per corporate law in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service.[citation needed] There are many types of business entities defined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole traders, limited liability companies and other specifically permitted and labelled types of entities. The specific rules vary by country and by state or province. Some of these types are listed below, by country. For guidance, approximate equivalents in the company law of English-speaking countries are given in most cases, for example:
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