How To Find Members Of An LLC: Everything You Need to Know
Do you want to know how to find members of an LLC? It’s a simple process that entails finding the right business partners that share the same values and business goals as you do.3 min read
Updated November 2, 2020:
How to Find Members of an LLC
Do you want to know how to find members of an LLC? It’s a simple process that entails finding the right business partners that share the same values and business goals as you do. A limited liability company is a fairly recent form of business entity that affords you the personal protection of a corporation but comes with the features of a business partnership. LLC owners are also called members, and each member owns a piece of the company.
With that, owners are not shareholders in the same fashion as a corporation, and LLCs do not issue shares. Instead, LLC members are compensated based on his or her share in the business. Your LLC is formed under a document called the articles of organization. LLC formation does not fall under federal or IRS guidelines and is strictly a state registration process.
Before registering, there are two types of LLC memberships: a single-member and multiple-member. Multiple-member involves a variety of members under an LLC, while a single-member is the sole owner of the LLC. The primary difference between the two is how they are taxed and not the governing structure.
Once you have your member structure established, you must check to see if your chosen name is already taken by another company. You may check name availability by searching a state’s division of corporations to find names already registered in your particular state. You can search for a state’s online database to find existing LLC names. You may find such information as:
- Annual Reports
- Contact Information
The chosen name of an LLC often does not include the names of its members. The name can be fictitious in nature, and it should match the industry of your business. It should be noted that LLCs can conduct interstate commerce, and you may come across foreign LLCs with a similar name. For this reason, you must search the state formation of the name if it is a foreign LLC. You can find such information in the followings ways:
- Checking a company’s letterhead
- Visiting a secretary of state website to find out where an LLC conducts business
- Searching articles of organization records
States generally do not impose many LLC restrictions when it comes to membership, only that participants must be 18 years and over and be U.S. citizens. Any individual or organization can become an LLC member, such as:
- Other LLCs
- Pension Plans
- Holding Companies
With that, some states mandate the LLC members to be identified in registration papers, but many other states do not have such a requirement. If your LLC falls under what’s called a Professional LLC (PLLC), members must be registered in that profession. For example, dentists under an LLC must have a dental license in a state. It should be noted that states have their own respective laws when it comes to PLLC formation.
As with any other business, you must have a manager that runs everyday operations of the business and can make important decisions. In addition, members may opt to manage the LLC on their own, or they can appoint single managers or a team of managers. Management details should be spelled out in your operating agreement. If members decide on the self-management route, they may create a management structure that suits their business accordingly.
Unlike corporate structures, LLCs do not come with a formal board of directors, but LLC members should meet on a regular basis (or at least annually) for record-keeping purposes and to ensure business operations are running smoothly.
Articles of Organization
The articles of organization is a document that creates your LLC, and it must be signed by a single manager or all managers. An article of organization is a public record and is available online. If you wish to avoid public names, for instance, you may register your LLC in Delaware so a manager can manage a Florida LLC to avoid having his or her name on the public record.
Delaware LLCs do not require manager listings in articles of organization. However, the addresses and names of Florida LLCs must be listed on annual reports and must be filed with the secretary of state office. Additionally, information on an annual report is a matter of public record.
Want to know how to find members of an LLC? To learn more about this process, post your job on the UpCounsel marketplace. UpCounsel has a pool of top lawyers that will help you find the best members for your LLC, and we will help your business partners establish the right management structure for your LLC. Our attorneys will also help you find the right name for your LLC while helping you avoid names that are too closely associated with other LLC entities.