Write a 11 pages paper on the impact of having a business partner leave a disc jockey llc. In general, a corporation exists as a separate entity from its owners in such as way that the company itself is capable of suing, be sued by other company or individuals, aside from owning or selling properties.
Since the study will consider the case of a limited liability company (LLC), it means that the business owners will never become personally responsible for any amount of debts that will incur under the name of the company. (Weinstein, 2005. Jensen, 2001) In the process of discussing the impact of having a business partner leave a Disc Jockey LLC, the advantages and disadvantages of making the withdrawal of an unwanted business partner from a Disc Jockey LLC will be thoroughly discussed.
Considering that the unwanted business partner is a wife of the business owner, significant impact towards the business activities in relation to the minimum number of members required in forming the LLC, the need to amend the submitted Articles of Organization with the Secretary of State, the day-to-day operations of the business, and
There will be not much problem when it comes to maintaining the minimum number of members required in forming the LLC in case the Disc Jockey LLC is composed of more than two members. Assuming that an unwanted business partner decided to leave the company, there will still be at least two remaining members required in forming the LLC.
In general, forming an LLC requires only two members. (Poznak Law Firm Ltd., 2008) However, since the name of the unwanted business partner has been included in the ‘Articles of Organization’ which was eventually filed with the Secretary of State, there is a need for the existing LLC owners to report the decision of the unwanted business partner leaving the business and immediately file the necessary amendments by filing the Articles of Amendment (LLC-5.25) which will require a processing or filing fee of US$150.00 (Illinois Limited Liability Company Act, 2008) in order to avoid future problems with the legal business documents.