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Written by : Alfredo Sharpless
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so how do you name your limited liability company your llc i'm going to give you a tool to help you name your llc quickly and easily for free then i'm going to give you some rules to follow and some things to avoid that's what we're going to talk about in this video we've helped our clients name thousands of llcs and some people can come up with a name right off the top of their heads others want to head scratch i don't know i want to talk to such-and-such first so i'm going to show you a surefire method to choose a name quickly and easily and you can also quickly and easily hit the like button below so that youtube promotes this video and i'd really appreciate it you can also click the subscribe button and notification bell so that when more videos come out like this you'll be up to date right away now there are two categories of company names that come to mind one is where the name really doesn't matter such as using a company to own rental property we talk to most of our real estate investor clients about putting each property into a separate llc so that a lawsuit on one property doesn't create the domino effect in this case we simply have the name of the llc as the address of the property the one two three main street llc for example i just thought of an example of one guy who was setting up multiple llc's for rental properties and they head scratched and worried and pondered this went on for a couple of months finally the guy rear-ended somebody in their car i mean he just smashed into the back of the guy on the highway that car hit another car which had another car and we should hit another car and i think there were seven cars all together and this guy was sued for way more than his insurance would cover so the guy went months without putting his properties into llc's because of the names the guy was at fault in the car wreck and he was a wealthy real estate investor so though there are many other people in the car accident he was the one with a hundred and ten thousand dollar bmw 750 with all the options so guess who they sued the rich guy right then all of a sudden he was panicked about getting the llc's formed now there were some other strategies we could employ to protect the properties but they would have to defend these strategies in court rather than having the protection automatically because they should have been in separate llcs i mean the guy could have protected everything but he dilly-dallied too long on picking the company name now for most businesses and real estate holdings for privacy and protection we don't recommend people use their own names in the name of the llc now maybe if it's a construction business or business where using your name makes sense then okay anderson construction might be perfectly fine if you're bob anderson but for holding real estate or trying to keep your name private don't use your name on the company so don't name your company bob anderson llc if you're using it to own real estate you want more privacy than that so don't paint a target on your back so when you use an llc for protective purposes to hold your stock market portfolio or to hold business equipment real estate as we said don't use your name see our video called anonymous llc and i think you really liked some of the ideas that we have on owning your llc privately now another mistake that people make is using a one word name so common names and if we go to look up the name it's not available this is especially true in larger states such as california florida texas new york as well as popular states for llc such as nevada delaware wyoming and so on so common words such as cornerstone cornerstone llc or in texas just about anything with the word lone star is taken lone star enterprises you can forget it in texas in california golden state with just about any other word or common word like enterprises or ventures is gone or initials are often taken abc enterprises jnj holdings for example so what we recommend for name availability purposes is having more than one word unless it's a totally made up word such as powerwave or vinstar or capmax so here we go here's a surefire way to come up with a name for your company see down below in the description where if i remember i'll write in all these words so you can use them to pick a name for your llc and since we're in the business of setting up llc's our company was established in 1906. we have attorneys on our staff if you want your llc set up right so you're more likely for it to protect you from lawsuits when you need it feel free to call us to have us set up your llc the right way with your articles a proper operating agreement membership certificates so everything that you need go ahead and see our number and website below so with this list you'll pick a first word such as metro then you choose a word from the second column such as endeavors then you pick your identifier that notifies the world that it's an llc and not another type of business entity so you end up with metro endeavors llc or capstone enterprises limited liability company northern ventures llc etc so you can feel free to use this list and it will give you at least 626 different name choices or you can choose your own first word then add one of our second words and the name choices are practically infinite now keep in mind if you have a name such as green tree executive llc in california you can also set up another green tree executive llc in north carolina for example so name availability is state by state so you can have a company with the exact same name but it's in a different state and the name may be available so using our name selector tool should help you pick a name and pick one rapidly now here are some other very important things to consider now many people are not too creative and they come up with a phrase or a word they like such as blue sky so it's like blue sky enterprises llc then they call us down the line and they want blue sky enterprises llc 2 then blue sky enterprises llc 3 so they have multiple llc's with blue sky enterprises in the name but really think about it if you want anonymity why flag the world that all of these companies are linked to each other otherwise you're giving a pretty good clue that all these llc's are owned by the same guy right hey that's not a whole lot of thought that goes into that to figure that out right anybody would draw that same conclusion wouldn't you so for anonymity you want to refrain from using a naming pattern where people can easily recognize that the llc's are all tied to each other like my friend who insisted on his last name in every company the building inspector found some problems in one building then all of a sudden the same inspector is slapping all kinds of violation orders on all the other properties but it's more than that when you're talking with your bookkeeper or cpa they say blue sky well which blue sky blue sky 1 blue sky 4 which one so when talking to people having the names too similar will confuse people as to which one you're referring to and not only will it confuse them but it'll confuse you too and i'm talking from experience i'
Thanks for your comment Keneth Mitkowski, have a nice day.
- Alfredo Sharpless, Staff Member
hi everybody I'm attorney Aiden Kramer with the law office of Aiden Kramer in Colorado welcome to the magical world of all up in your business I've talked a lot in previous episodes about the importance of an operating agreement in an LLC particularly in a single-member LLC the operating agreement for an LLC is essentially the written agreement of the members about how to operate the LLC so it may seem odd for a single-member LLC to have an operating agreement because it's not like there's going to be any votes the single members not going to disagree with anybody the single member can for the most part do whatever they want with the company but an operating agreement nonetheless is very very important in a single-member LLC Colorado doesn't require an operating agreement for single member LLC's or for any LLC's for that matter but some states do require them and even if it's not required it's still an important piece of paperwork to have for your LLC in a single-member LLC the primary purpose of the operating agreement is to help uphold the limited liability that an LLC provides the operating agreement helps to avoid piercing the corporate veil which I've talked about in previous episodes so what I'm going to do today is walk through a sample operating agreement so you guys know some of the important points that should be made in your single member LLC's operating agreement first let's start with the basics your operating agreement should include your business's name the address of the business the registered agents information and the business purpose all of this information should also be reflected on the articles of organization that were filed to create the LLC and the business purpose is the purpose of the business what kind of a business are you going to be operating what are you going to be doing my operating agreement for example would say that I'm going to be operating a law practice focusing on business transactions and estate planning so whatever the purpose whatever you're going to be doing in your business that's what your business purposes your operating agreement should also reflect whether the LLC is going to be member managed or manager managed if you're unsure about which one your LLC is or what it should be check back to my previous videos because I have one explaining the difference between member and manager managed LLC's the operating agreement should also include information about the owners or the members of the LLC and the percentage breakdown for each one obviously since you're the only member in it you own a hundred percent but your operating agreement should reflect that you are one hundred percent owner of the LLC you also want to include information about how the LLC is going to be taxed are you going to leave it as a disregarded entity or are you going to elect to be taxed as an S corporation or a C corporation whatever you decide should be in the operating agreement your operating agreement should also include information about the contributions that you've made to the LLC if you contributed a lump sum of cash or if you're just contributing services and your own knowledge your operating agreement should reflect whatever your contributions are you'll want to put information in your operating agreement about distributions how are you going to take distributions are you going to take a lump sum distribution on a regular schedule weekly monthly quarterly are you going to take it whenever you decide to in a certain amount the terms of how you want to take those distributions should be stated in your operating agreement your operating agreement should also state if certain actions taken by the LLC need to be consented to in writing by you the member states may require a written consent to certain actions they may not that you can specify in your operating agreement what types of transactions what types of purchases what types of actions need to be consented to by you in writing also want to include information about meetings of the members you're the only member so you can hold a meeting really whatever you want but if you want to commit to having annual meetings by yourself you can put that in the operating agreement or you can state in the operating agreement that anything that could be done in a meeting can be done in a writing in lieu of a meeting whatever you decide should be stated though in your operating agreement liquidation and dissolution of the LLC should also be addressed in the operating agreement when can you dissolve the LLC if you decide to do so what steps need to be taken when you do dissolve and unwind the LLC all of those steps all of those requirements that you may impose on yourself or that your state may impose on you should be included in the operating agreement you also want to address what will happen if you decide to transfer ownership of the LLC either partial or complete ownership so if you later decide to take on a business partner and you want to make that business partner a 50% owner your operating agreement should describe under what circumstances you can transfer that ownership what steps need to be taken to do that and anything else regarding transferring the ownership of membership interests in the LLC and finally your operating agreement should state how the operating agreement can be amended if later on down the road you want to change some of these terms that you've written into your operating agreement your operating agreement should say how you make those amendments obviously you're the only owner so you can decide on your own without talking to anybody else that you want to amend it but if your operating agreement states that you need to consent to amending it in writing then you need to do that before amending the operating agreement now those are certainly not all of the things that need to be included in your single-member operating agreement those are just a few of the more important things that are typically a part of the operating agreement there are a lot of sample operating agreements available online I don't recommend that that you use them just as a complete template but they can help to be a starting point in drafting your operating agreement but of course as always I recommend working with an attorney to do it so you know that everything's been covered and they are operating agreement is in compliance with state law if your state does have requirements for an operating agreement if you're in Colorado and you would like help with your operating agreement or anything else regarding your business you can contact me my phone number and email are below thank you all for watching I'm Aiden Kramer and I will see you next time
Thanks lonerdudeg your participation is very much appreciated
- Alfredo Sharpless
About the author
I've studied polymer chemistry at Southeastern Oklahoma State University in Durant and I am an expert in relativistic quantum mechanics. I usually feel not specified. My previous job was job printer (graphic arts) I held this position for 15 years, I love talking about hacking and pilates. Huge fan of Lei Li Keenan I practice scuba diving and collect first day covers.
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