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True Religion

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Submitted By djibomr
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Dear Sam, Mark, and Willy,
After reviewed all the different information that you provided concerning your desire to open a sporting goods store in Frederick, Maryland to sell unusual fishing rods and other fishing equipment, and based on the different concerns, interests, and requirements expressed in your request, a Limited Liability Company (LLC) will be the form of business that would best achieve your partnership goals. The reasons for choosing an LLC, the different documents to be filled, as well as other legal advice will be detailed in the following paragraphs.
1- Why would an LLC best achieve your goals?
An LLC is a type of business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. The Uniform Limited Liability Company Act (ULLCA) adopted by the State of Maryland is the main law that regulates most problems related to the formation, operation, and termination of LLCs. Under the ULLCA Section 201, the creation of an LLC will allow each of you to be legally distinct from your business as an entity. In addition, this type of organization will provide each of you a limited liability based on your individual capital contribution. Therefore, and as you wish, you will not personally be responsible for the debits and obligations of the business, and will not have to invest any additional cash.
Choosing to create an LLC will also allow you, as you desire, to share equally the profits and losses of the business (ULLCA Section 405). Moreover, as you request, the ULLCA Section 203 offer you the possibility to designate Mark as manager-managed who will be responsible solely for the daily operations of the LLC with a limitation of authority. Finally the creation of an LLC will allow you to create an article of organization that will detail how you would like the business to be

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