The Limited Liability Company, commonly referred to as a LLC, has become a popular organizational structure for small businesses that want to combine the limited liability advantage of incorporation with the pass-through taxation feature of the sole proprietorship or partnership. This almanac, written in a user-friendly fashion, discusses the nature of the LLC and sets forth the basic requirements for setting up an LLC, which includes naming your business, completing your LLC Articles of Organization, filing your paperwork and paying your fees. This almanac also discusses the creation of an LLC operating agreement which sets forth the financial and managerial rights and responsibilities of the members of the LLC, including capitalization, allocation of losses, distribution of profits, and dissolution of the LLC. Finally, this Almanac also discusses converting an existing business into an LLC, the formation of a professional limited liability company, and the ability of a foreign (out-of state or country) LLC to do business in a particular state. The Legal Almanac series serves to educate the general public on a variety of legal issues pertinent to everyday life and to keep readers informed of their rights and remedies under the law. Each volume in the series presents an explanation of a specific legal issue in simple, clearly written text, making the Almanac a concise and perfect desktop reference tool.