What Are the Steps to Form an LLC?
The Limited Liability Company (LLC) has become in North Carolina and elsewhere the preferred entity of choice for most closely-held businesses, including farms. The LLC has also become more widely used to hold family land interests. The LLC is a hybrid of a partnership (informality of management) and a corporation (limited liability) and has largely replaced these two entity forms in modern legal practice. Formation, management, and dissolution of LLCs are governed by the North Carolina Limited Liability Company Act (the “Act”) unless otherwise agreed between the owners by written contract (see Operating Agreement, below).