Delaware Limited Liability Act
The Delaware Limited Liability Act details the manner in which a limited liability company (LLC) will form and function in the state. The Act went into effect on October 1, 1992, according to the Potter, Anderson and Corroon website.
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Name
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The name of a Delaware LLC must be different from that of other business entities that are on record with the Delaware Secretary of State's office. The business name must contain the words "limited liability company," or the correct abbreviation. The name of an LLC member or manager may be contained in the company's business name.
Certificate of Formation
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LLCs must submit a certificate of formation to the Delaware Secretary of State's Office. The certificate of formation contains information about the company such as the address and legal name of the LLC. As of 2010, LLCs in Delaware are required to pay $89 to file a certificate of formation.
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Registered Agent
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An LLC in Delaware must select a registered agent that will accept lawsuit documents served against the company. A Delaware LLC may act as its own registered agent, if the company maintains a physical address in the state of Delaware. An individual with a residence in Delaware, or a business that has the authorization to conduct business in the state, may act as an LLC's registered agent.
Operating Agreement
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Every LLC in Delaware must create a written operating agreement that establishes the rules and regulations that will govern the company. An operating agreement may include information such as the voting rights of LLC members as well as the duties of the company's members and managers. The operating agreement must be kept at the LLC's primary place of business.
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