What is Property Deed Transfer
A LLC can either be a Term or an At Will company.Â
A Term LLC has a specific lifespan or Term.Â
The Term, or lifespan, of a LLC may be specified or triggered by some event.
For example, a Term LLC can state in its formation documents that the Term is a specific number of years or that the Term ends on a specific date. A Term LLC that continues to do business past its Term will become an At Will" LLC.
An At Will LLC does not specify a Term. Instead, the LLC will operate indefinitely. In an At Will LLC , the dissociation of a Member (owner) of the LLC will dissolve the LLC unless a specified percentage of the remaining members agree to continue the business of the company. The specified percentage of members required to approve the continuation of the business is indicated in the operating agreement of the LLC. Although a term company has a designated length of existence (which, as indicated above, does not in itself end the company), the term company's existence will not be affected by the withdrawal or disassociation of one of the Members.
For example, a Term LLC can state in its formation documents that the Term is a specific number of years or that the Term ends on a specific date. A Term LLC that continues to do business past its Term will become an At Will" LLC.
An At Will LLC does not specify a Term. Instead, the LLC will operate indefinitely. In an At Will LLC , the dissociation of a Member (owner) of the LLC will dissolve the LLC unless a specified percentage of the remaining members agree to continue the business of the company. The specified percentage of members required to approve the continuation of the business is indicated in the operating agreement of the LLC. Although a term company has a designated length of existence (which, as indicated above, does not in itself end the company), the term company's existence will not be affected by the withdrawal or disassociation of one of the Members.
