Business Description Usage

A business description is a concise statement that describes the nature of your company, its products or services, and its target market. This statement is often required during the LLC formation process when submitting forms to the state. It is also crucial for various purposes such as opening a bank account and signing up for credit processors like Stripe and PayPal. Additionally, a well-crafted business description can be used on social media profiles, your website’s About Us page, or in a pitch deck to attract potential investors.
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Manager Managed

  1. Popular where 1 or more of the owners will act as “Passive” investors
  2. Some owners may be “Passive” while others may be designated as “Managers”
  3. Some owners may be designated as Managers, some “non-owners” may be designated as managers, or any combination thereof may be designated.

Member Managed

  1. The most popular structure for LLCs with 1 or more owners.
  2. ALL Owners have control over the daily operations of the business.
  3. The owners have authority to bind the LLC by signing for a loan, negotiating and executing contracts, and managing other daily operations of the business.