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Although a Colorado limited liability company (LLC) or Colorado limited partnership (LP) is one of the less complex businesses to form and operate in-state, the reality is that Colorado LLC law can be somewhat complex. If you are considering buy-outs, having disputes about personal liability, Colorado LLC member withdrawal or other legal disputes, then the approach can be a little tedious.
Avoid personal liability and exposure of personal assets: When starting an LLC in Colorado, business owners sometimes are not aware of the various advantages and disadvantages of forming an LLC in Colorado.
Business owners can face serious exposure to personal liability for corporate debts under the Colorado Limited Liability Company Act if they are not aware of the strict legal and statutory requirements.
Colorado Limited Liability Company Law – Set Up an LLC in Colorado
Colorado LLC law is similar to that of most states. If you are deciding to start an LLC is Colorado, Watson & Associates’ law firm can help you with the basic LLC formation requirements. Most importantly, we can help you to understand the basic business law principles when learning how to start an LLC in colorado. The following are some of the basic Colorado LLC set up requirements that we can help you with:
- Choosing a Legitimate Business Name. Under Colorado LLC law, we help you to avoid violating the three most basic rules: (1) making sure that your business name is technically different than any other Colorado limited liability company (2) counseling you about why it is important to advertise your business as an LLC (such as “LLC” or Limited Liability Company”) and (3) making sure that your Colorado LLC is not prohibited by law to form an LLC in Colorado.
- Filing Articles of Organization. Colorado LLC “articles of organization” is a basic requirement for filing with the Secretary of State. It must include such as your business name, address, and the names of its members.
- Creating a Limited Liability Company Operating agreement. Although you are not required to file an LLC operating agreement with the Colorado Secretary of State. you should not create an LLC in Colorado unless you have an operating agreement in place. This is especially true when a limited liability company has more than one member. Your Colorado LLC operating agreement is important when addressing issues related to the percentage of interests, how profits and losses are allocated, and each LLC owner’s rights and responsibilities.
- Getting Additional Business Licenses and Permits. After registering your limited liability company, your may have to get additional business licenses and permits. Watsons’ Colorado LLC lawyers can help you with these requirements while you focus on developing other business requirements.
- Serving As Outside Counsel and Regulatory Compliance Attorneys. After forming an LLC in Colorado, the risks and liability exposure begins. In addition to LLC formation, our Denver business lawyers will serve as outside counsel. You do not have to employ an internal lawyer. Instead, you can have direct access to your own Colorado limited partnership lawyer. We frequently help small businesses to stay compliant with Colorado LLC laws and other regulatory compliance matters.
Other Colorado Formation, Incorporation Legal Services
Various business incorporation services: With law offices in Denver, the Colorado LLC formation lawyers at Watson & Associates provide complete legal services to owners that want to incorporate and want professional legal advice on how to form an LLC in Colorado. We provide a variety or business services including:
- Incorporate and Forming an LLC in Colorado
- Colorado Limited Partnership (LP) formation
- Articles of Incorporation
- Colorado LLC operating agreement.
- Business contract drafting and review
- Colorado limited liability company and partnership disputes
- Breach of fiduciary agreements
- Colorado LLC member withdrawal
- Buy Sell Agreements
- Business litigation and defense
LLC Meaning Under Colorado Limited Partnership Laws
Starting up an LLC under Colorado limited partnership and LLC laws means forming a business that has various advantages and disadvantages. Not only can you avail yourself to unique tax benefits but the LLC meaning also protects individual owners from personal liability.
Operations and Avoid Personal Liability: After deciding to form an LLC in Colorado, business owners often find themselves in jeopardy. They are not familiar with the basic incorporation and compliance requirements in Colorado Limited Liability Company Act.
Our Denver Colorado LLC lawyers provide detailed legal consulting about various statutory and legal requirements. We also provide legal advice on how to avoid personal liability under Colorado laws. See case where the Colorado Court of Appeals held individual personally liable for business debts.
Tips for avoiding personal liability under Colorado LLC Laws: The following are but a few precautions that company owners must consider to avoid personal liability.
- Commingling personal assets and the assets of another company.
- Maintaining negligible corporate records;
- Failure to maintain records concerning substantive transactions were inadequate;
- Failure to pay corporate debts without characterizing the transactions;
- Using LLC assets for non-entity purposes.
Incorporate, Articles of Organization / Certificate of Incorporation
If you are setting up a Colorado Limited Liability Company, you must also develop Articles of Incorporation, also referred to Articles of Organization or Certificate of Incorporation. This document must be filed with the Colorado Secretary of State.
For help with Colorado LLC operating agreements, understanding the advantages and disadvantages of limited liability company formation or legal advice, our Colorado attorneys help small and large businesses in Denver CO, Colorado Springs, Aurora, Fort Collins, Lakewood, Thornton, Arvada, Westminster, Pueblo, Centennial, Boulder, Highlands Ranch, Greeley, Longmont, Loveland, Grand Junction; Columbine Valley, Superior, Louisville, Castle Pines Village; Cherry Creek CO, Holly Hills, Morrison, Cherry Hills Village, Bow Mar, Woodmoor, Centennial and more. Call our Denver law firm for help with your business legal matters.
Contact Our Colorado Limited Partnership Lawyers
Regardless of whether you are forming an LLC in Colorado, need guidance with the various limited company advantages and disadvantages, Colorado LLC operating agreement or learn how to start an LLC in Colorado, or need litigation support, call Watson’s & Associates’ Colorado Limited Partnership and LLC lawyers for immediate assistance. To speak with one of our Colorado limited liability company lawyers, call 1-866-601-5518. Contact us for a FREE INITIAL CONSULTATION.