Chapter 14 - CHAPTER 14 LIMITED LIABILITY COMPANIES

• Jurisdiction: Colorado

CHAPTER 14 LIMITED LIABILITY COMPANIES

Herrick K. Lidstone, Jr., Esq.
Andrea E. Welter, Esq.

SYNOPSIS

§ 14.1 INTRODUCTION

§ 14.2 DISCUSSION OF TERMS

§ 14.3 ADVANTAGES AND DISADVANTAGES OF AN LLC

§ 14.3.1—Advantages
§ 14.3.2—Disadvantages
§ 14.3.3—LLC Versus LLP Versus S Corporation
§ 14.3.4—Creditors' Rights

§ 14.4 ORGANIZATION OF A COLORADO LLC — THE GOVERNING DOCUMENTS

§ 14.4.1—Articles of Organization
§ 14.4.2—Operating Agreement

§ 14.5 MEMBERS: THE OWNERS OF THE COLORADO LLC

§ 14.5.1—How Many Members Must There Be?
§ 14.5.2—Who Can Be a Member?
§ 14.5.3—Classes of Membership
§ 14.5.4—Member Rights
§ 14.5.5—Member Obligations
§ 14.5.6—The Partnership Representative (Formerly the Tax Matters Partner)

§ 14.6 MANAGERS

§ 14.6.1—Manager Managed Versus Member Managed
§ 14.6.2—How Many Managers Must an LLC Have?
§ 14.6.3—Who Can Be a Manager?
§ 14.6.4—Managers' Rights
§ 14.6.5—Officers and Agents
§ 14.6.6—Appointment, Resignation, Removal, and Replacement...