What is a Term LLC
What is a Term LLC?

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What is a Term LLC?

A LLC can either be a Term LLC or an At Will LLC. A Term LLC has a specific lifespan or Term. The existence of a Term LLC will not be affected by the withdrawal or disassociation of one of its Members.

The Term, or lifespan, of a LLC may be specifically defined or it may be 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.

Although a Term LLC has a designated length of existence, the LLC can still operate past the end of the Term. A Term LLC that continues to do business past the end of its Term will become an At Will LLC.

An At Will LLC does not specify a Term. Instead, the LLC operates indefinitely.

Unlike a Term LLC, 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 LLC. The specified percentage of members required to approve the continuation of the business is indicated in the operating agreement of the LLC.
CORPORATE GLOSSARY
 
Administrative Dissolution
Agent for Service of Process
Apostille
Apportionment
Articles of Incorporation
Articles of Organization
Assumed Name
At Will LLC
Authorized Shares
B Corporation
Benefit Corporation
Board of Directors
Business Dissolution
Business Entity
Bylaws
Certificate of Existence
Certificate of Status
Certified Copy
Close Corporation
Common Stock
Conversion
Corporate Bylaws
Corporate Name Reservation
Corporate Stock
DBA
Disregarded Entity
Dividends
ESOP
Excise Tax
Federal Tax ID
Ficticious Name
Foreign Qualification
Franchise Tax
General Partnership
Good Standing Certificate
Incorporator
Involuntary Dissolution
IRS Form 966
ITIN
Limited Liability Company
Limited Partnership
Liquidation
LLC
LP
Majority Shareholder
Meetings
Merger
Nexus
Non-Stock Corporation
Nonprofit Corporation
Obligated Member LLC
Organizer
Paid-in Capital
Paid-in Surplus
Par Value
Personal Service Corporation
Preferred Stock
Privilege Tax
Professional Corporation
Professional Service
Proxy
Registered Agent
Registered Office
Reporting Requirements
Revocation
S Corporation
Series LLC
Service Mark
Shareholder
Sole Proprietor
Stated Capital
Statutory Agent
Stock Certificate
Term LLC
Trade Name
Trademark
Trust
Trustee
Winding Up
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