Important Information About the Montana Limited Liability Act
Updated: Oct 8, 2020
The Montana Limited Liability Act defines the rules regarding Limited Liability Companies (LLC) in Montana. The state of Montana offers many financial benefits to its residents, and most people do not know that you don’t necessarily have to be a Montana Resident to enjoy some of those benefits. Setting up an LLC in Montana can save you money in taxes and fees, like vehicle registration. Establishing an LLC in sales tax-free Montana requires consultation with a qualified registered agent. These agents know the details of the Montana Limited Liability Act and can help you get it done quickly and efficiently.
What is an LLC?
A Limited Liability Company is a legal entity that limits the members’ liability in the event of a lawsuit, bankruptcy, or other possible issues.
Why Form an LLC in Montana?
Montana does not have a sales tax. If you make a big purchase, like a car, through your LLC, you will save on taxes and fees. You can also register a vehicle in Montana through your LLC to save even more money since LLCs are exempt from paying registration fees.
Despite what you may believe, you do not have to live in Montana to form an LLC in the state. A qualified, Registered Agent can help make the process more straightforward. If you are interested in creating an LLC in Montana, you should familiarize yourself with the spirit of the Montana Limited Liability Company Act. It establishes the rules for LLCs in Montana and can help you to know how to manage your LLC best.
The Limited Liability Company Act
The Montana Limited Liability Company Act provides in-depth guidelines for establishing an LLC in Montana. The act clearly states what you must know to develop and maintain an LLC in Montana. The act contains a lot of information, and it can be challenging to read in its entirety. However, it is essential to familiarize yourself with its content if you own an LLC because you will be legally responsible for knowing and abiding by the act. Registered agents can help you to understand the act and provide a workable strategy that will fit your needs.
The content of the act includes:
Rights & Duties of Members/Managers – This clearly defines the right and responsibilities of both managers and members.
Admission and Withdrawal of Members – Guidelines for adding new or departing members.
Dissolution – This provides information on what to do if you want to end the LLC.
How to Form an LLC in Montana
To establish an LLC in Montana, you must follow certain steps:
The first step is choosing a name. You can name your LLC whatever you want, as long as the name isn’t already assigned to another LLC. You can do an online search to see if the name that you choose is in use, and there is even a service that allows you to reserve the name for 120 days.
Once you have the name, you must apply and submit the application with the $10 fee. The next step is to file Articles of Organization with the Montana Secretary of State. When you register, you must also name a registered agent to manage the LLC. Registered agents also do the required paperwork. This makes registering an LLC in Montana easy and relatively quick.
If you think that forming a Montana LLC is the right choice for you, you should do your research and familiarize yourself with the Montana Limited Liability Company Act. Any legal matter can be confusing and intimidating. If you need help with the process, contact us. Our registered agents can help you make the best decision for your financial well being. They will use their knowledge, education, and experience to ensure that you can enjoy all of the benefits of having a Montana Registered LLC.