Information on the California Limited Liability Act
The California Limited Liability Act, also known as the Beverly-Killea Limited Liability Company Act, enacted in 1996, indicates the procedures for operating and forming a limited liability company (LLC) in the state of California.
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Powers
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Under the Beverly-Killea Limited Liability Company Act, a California LLC may engage in any lawful business activities except the trust company business, insurance or banking. LLCs in California can initiate legal processes, be sued and enter into contractual arrangements.
Articles of Organization
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LLCs in California are required to file articles of organization with the California secretary of state. These articles must include information about the company and a statement indicating whether the LLC will be managed by LLC members or non-members.
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Statement of Information
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Every LLC in California must file a statement of information with the California secretary of state within 90 days of filing its articles of organization. Information such as the name and address of the person or business that accepts the LLC's legal process must be included.
Operating Agreement
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LLCs in California are required to create a written operating agreement that includes provisions such as the manner for dissolving the LLC and the ownership interest of each LLC member.
Considerations
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As of January 1, 2000, the Beverly-Killea Act was amended to allow a single member to operate and form an LLC in California, according to Paralegal Plus.
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