An LLC executor is a designated person or business entity that an LLC’s members appoint to handle certain legal and tax-related aspects of their business. They play a critical role in the formation and ongoing compliance of the company.
Responsibilities of an LLC Executor
Here are some of the core duties an executor handles when establishing an LLC:
- Filing the Certificate of Formation
- Appointing an agent for service of process
- Storing copies of filed certificates
- Keeping company bylaws
- Maintaining member/manager information
- Managing ownership agreements
- Ensuring retention of all official records
The executor does not have to be one of the founding LLC members and can be an attorney, accountant, or incorporation service.
Selecting an LLC Executor
The bottom line is the executor of an LLC has a lot of responsibility, so you want to feel unequivocally confident in their capabilities, reliability, and trustworthiness. Do your due diligence before selecting one for your company.
An LLC executor can be any individual or firm with knowledge of business and tax laws. No specific qualifications are required, but organizational skills and the ability to multitask are beneficial.
Filing Requirements and Support
In Washington state, the process of forming an LLC includes filing a Certificate of Formation online through the Secretary of State’s website or by mailing in a downloaded form. The state requires that every company must have at least one executor to organize the LLC and sign the Certificate of Formation, and one governor to be listed on the company’s annual report.
Financial Implications
The cost to file the Certificate of Formation is $180 by mail and $200 to file online in Washington state, with additional licensing, bonding, and annual report fees applicable.
A seasoned professional executor can provide guidance and support during the early stages of a company’s growth, ensuring all required legal documents are in place. The Washington LLC Certificate of Formation necessitates a Unified Business Identifier (UBI) for tracking tax and licensing purposes. Information on any corporation or business entity in Washington can be accessed via a search on the Secretary of State website.