Once a limited liability company (LLC) has been established, it needs to be maintained. LLCs are particularly appealing because they confer the legal protections of a corporation while enjoying the taxation structure of a sole proprietorship or general partnership. However, the benefits of forming an LLC will hardly be realized if the organization is too
In the state of Iowa, “series LLCs” are permissible under Article 14 of Iowa’s Revised Uniform Limited Liability Company Act, also referred to as the Iowa Uniform Protected Series Act. A series LLC includes multiple (potentially unlimited in number) liability “baskets” (referred to as “protected series” in Iowa) under a single organizational umbrella and is
There are several important steps to take when setting up an LLC in Iowa. The first is determining if any sort of licensing or permits are required. While Iowa does not have a general state business license, certain businesses may require specific licenses or permits depending on the LLC’s intended business type of business. The
When starting a business, one of the most important decisions to be made is how best to legally organize the company. In Iowa, there are four different types of legal organizations, each having its own advantages and disadvantages: 1. Sole Proprietorship. Sole proprietorships are owned and operated by one individual – there is no legal
Earnest money is a term most commonly used in real estate transactions. Earnest money is a sum of money a buyer will put down to demonstrate their seriousness about buying a home. Earnest money essentially acts like a deposit on the house you are intending to buy. Generally, earnest money will be around 1% to
QDRO is short for qualified domestic relations order. A QDRO is an order issued by the court that recognizes the right for an “alternate payee” to receive a specified portion of the benefits payable to the participant of a retirement/savings plan. QDROs are most commonly seen in divorce proceedings when the court is dividing the
