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Starting an LLC in Colorado

Starting an LLC in Colorado

Starting an LLC: An LLC is a legal business entity that has the benefits of both a corporation and a partnership. It has the pass-through taxation of a partnership, but provides personal liability protection like a corporation. The Limited Liability Company (LLC) is the most flexible types of entities for business owners in Colorado. A Colorado LLC provides you with personal liability protection and keeps your profits “passed through” to your individual tax return, which means you can take any…

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Colorado Business Filing Fees Are Now $1

Colorado Business Filing Fees Are Now $1

What’s the New Colorado Law? The Colorado Business Fee Relief Act, came into effect on July 1, 2022. The law reduces fees for Colorado business filing and lowers the cost of certain business filings to $1. The new law will help small businesses by reducing fees. This will make it easier for Colorado businesses to start up their business without having to worry about the costs associated with filing fees. Supporting Colorado Small Businesses The COVID health emergency in March…

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Piercing the Corporate Veil: Single Member LLCs

Piercing the Corporate Veil: Single Member LLCs

A question often asked is whether or not a single member LLC (SMLLC) will protect the owner from personal liability should something go wrong and the company is sued. In other words, can a Colorado plaintiff easily pierce the corporate veil and go after the personal assets of the business owner? Commonly, known as “piercing the corporate veil“. The answer of course is, it depends. Since Colorado allows LLCs to have only one member. C.R.S. 7-80-204(g) and can be for…

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Moving Your LLC To Colorado

Moving Your LLC To Colorado

Moving to Colorado? If you, a friend, or a family member have recently moved to the Centennial State, and you’re wondering what to do with your LLC, look no further. I have your answer! You can do one of three things: you can register it as a foreign LLC; dissolve it and start anew; or create a new LLC and merge it with the old one. Keep It As A Foreign LLC A foreign LLC is one that’s registered in…

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What’s In Your Operating Agreement?

What’s In Your Operating Agreement?

Frequently, I’m asked, “What do you put in an operating agreement?” And like any good lawyer, I respond “Depends.” I’m not avoiding the question. Rather what’s goes in to an operating agreement depends on many factors. For example, membership size and funding. The typical operating agreement for a single member LLC is about 10 pages. The average operating agreement I draft for a two or more member LLC is usually about 50 pages. That’s a big difference in content between…

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