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BUSINESS PLANNING

Preparing for the Future: A Business Owner's Checklist

As you can see, planning for your future and the future of your business involves making many choices. This checklist can help you assess your needs and determine the best plans you can lay for the future.

If you would like more information on any of the areas we’ve discussed in this guide, just complete the form below. We can help you create a plan that will best suit both your needs and the needs of your business.

Business Planning Needs Evaluation


Please check all boxes that apply to your situation.

Page 1 of 6

  1. 1. Name:
    Please type your full name.
  2. 2. State of Formation:
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  3. 3. If formed, state identification number:
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  4. 4. If formed, please provide a copy of the filed Articles of Incorporation.
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  5. 5. Purpose or business of the LLC:
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  6. 6. Single member or more then one:
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  7. 7. States in which the LLC will operate:
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  8. 8. Will only family members be part of the LLC?
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  9. 9. Address of registered office in your state:
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  10. 10. List of Managers and Members: Provide names, address, email addresses and phone numbers. Please attach a list. A person can be a member and a manager at the same time. Designate one person will talk to the IRS on tax matters.
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  11. 11. List the percentage interest of each Member and Manager. If no percentage interests, please so indicate. Managers do not have to have any percentage interests in the LLC.
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  12. 12. List the amount of money or other assets to be contributed by each member to the LLC.
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  1. 13. Combined dollar amount that Managers may require members to contribute on annual basis.
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    Example: $30,000 for all members per year.
  2. 14. If a member does not pay his or her contributions, then the other members will have the right to buy out the delinquent member when the total owed by the delinquent member to the LLC reaches this dollar amount:
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    Example: $10,000.
  3. 15. No interest will be paid on capital contributions.
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  4. If interest paid, amount:
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  5. 16. Profits to be shared based upon percentage interest in the LLC.
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  6. If no, please indicate how profits will be shared.
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  7. 17. Will losses be allocated according percentage interest in the LLC?
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  8. If no, how will they be allocated? LLCs are not required to allocate profits or losses by percentage interest as long the allocations have a real effect.
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  9. 18. Will the Managers have discretion not to make distributions of income so as to build up reserves for the growth of the business?
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  10. What is the maximum dollar amount, if any, that the Managers may accumulate from income as reserves?
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  11. Will the managers be required to distribute sufficient funds to pay the taxes of members?
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  12. 20. What are the dollar amounts by which the Managers can take action without member approval:
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    individual expenditure where all managers agree.
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    individual expenditure in the discretion of only one manager.
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    maximum total per year.
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    per year as authorized in a budget approved by 85% of the members.
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    contract for services or products.
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    borrowing.
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    sale of assets.
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    insurance contracts.
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    reimbursable expense of a manager.
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    Maximum amount charged to a delinquent member to process late contributions. Example: $250.
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    Minimum dollar amount by which a member or manager has damaged the LLC and the Mangers have the right to expel the member or manager who caused the damages.
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    Maximum dollar amount of claim filed as the plaintiff in a lawsuit by the LLC to recover funds for the LLC the managers may file without consulting the members.
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    Maximum dollar amount a manager may loan to the LLC.
  25.  
  1. 21. In the event an amount under paragraph 20 is exceeded, what percentage of membership interests are required to approve of such actions:
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    Example: 85%.
  2. 22. What actions require approval of all of the members? Check any that apply. If 100% is not required for a specific action, write in the percentage of membership interest vote required for such action. :
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    Removal of a manager.
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    Sale of the business.
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    Admitting a new manager.
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    Admitting a new member.
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    Admitting the spouse or child of a member as a new member.
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    Amend the operating agreement.
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    Change the state or country of registration of the LLC.
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    Expel a member.
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    Liquidate the business.
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    Register the securities of the LLC with state or federal security regulators.
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    Redeem, liquidate, purchase, or otherwise acquire the Membership Interest of any Member.
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    Annual budget.
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    Salaries of officers and managers.
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    Dissolution of the LLC and its business.
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  1. 23. Will any member who is under a court order for the transfer of their membership interest have a right to vote?
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       (Usually the answer is no.)
  2. 24. Will the actions of one manager with an outside company be binding on the LLC?
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       (Usually, the approval of only one manager is necessary as a means of facilitating the conduct of business.)
  3. 25. Will the LLC has an advisory committee?
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  4. Will the LLC pay the expenses of the members of the advisory committee to attend meetings?
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  5. Many organizations find it useful to solicit the views of outsiders as to the operation of their business. This is also a good way to train family members in the business.
  6. 26. List the names of person who can sign checks on the accounts of the LLC:
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  7. Will the signature of more than one person be required on all checks?
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  8. 27. Will the Managers provide an annual report of the major activities of the LLC to the members?
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  9. Is a copy of the LLC tax return sufficient to satisfy this report requirement?
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  10. Usually, members have the right to view the financial records of the LLC during normal working hours at the location of the records.
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  1. 28. Will a member be prohibited from unilaterally withdrawing from the LLC?
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  2. 29. Will there be admissions committee for students which will decide which studentsto accept where the LLC is providing educational services?
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  3. What role if any shall the managers play in supervision of the admissions committee?
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  4. 30. Will the managers decide who to hire, retain, promote and dismiss as employees?
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  5. If no, what will be the process for employee actions?
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  6. 31. How many days after the end of the calendar year must the LLC provide K-1s showing the income and losses allocated to the members?
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  7. Invalid Input
    other number of days.
  8. The members need to have their K-1s to file their US personal tax returns.
  9. 32. Will a manager be able to continue to serve if the manager files bankruptcy or is subject to an investigation?
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  10. 33. Will Managers be reimbursed for their reasonable expenses?
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  11. 34. Can a member be expelled and their interest bought by the other members in the event of the following. Check those that apply:
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  19. 35. Will the members and managers be prohibited from divulging the confidential information of the LLC?
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  20. 36. Can meetings of the members be in person, over the phone, the internet or any method as approved by the members?
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  21. 37. If notice of a meeting waived if the member attends the meeting or waives notice?
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  22. 38. Can members vote by proxy?
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  1. 40. In the event that a member wants to sell their interest, will the member first have to offer the membership interest to other members?
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  2. 41. In the following events, will the member have to offer their interests first to the other members? Indicate by Yes or No.
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         Receipt of a written offer from an outsider to purchase part or all of a membership interest.
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         Death of a member.
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         Disability of a member.
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         Divorce of a member.
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         Deportation from the US of a member.
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         Disappearance of a member.
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         Loss of a professional license.
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         Conviction of a member of a felony.
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         Member brings substantial dispute to the LLC or its business (example: accusation of child molestation)
  12. 42. In the event of a sale of a membership interest, how will the price be determined? Indicate by Yes or No.
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         Price set forth in an offer by an outsider.
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         Appraised Price.
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         Average profits of the last two years times percentage interest.
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         Annual determination by the Managers of the value of the LLC business.
  17. 43. In the event of a forced sale of a membership interest, will the buyer have the right to make annual payments over a period of ten years?
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  18. If no, how many years is the maximum period for the payment for the interests:
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  19. 45. What will the process fee be to review the application of a new member to be a member?
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    other amount.
  21. 46. Will the LLC use the calendar year as its year for accounting and tax purposes?
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       (It is very difficult to obtain approval of a tax year different than the calendar year from the US Internal Revenue Service.)
  22. 47. If a minority of the members want to dissolve the LLC and discontinue its operations, will a majority of the membership interests have a right to buy out the minority?
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  23. 48. Prior to filing a lawsuit by a member or a manager, will there be a requirement of mediation?
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  24. Arbitration?
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  25. 49. Other matters you wish to include:
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  26. E-mail:
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  27. Enter information from image below
    Enter information from image below
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