Updates made to Maine's LLC law, first crafted in 1997, aim to allow businesses

Authors

Jackie Farwell

Source

Mainebiz

Date

10-17-2011

Pages

1, 6

Abstract

Updates made to Maine's LLC law, first crafted in 1997, aim to allow businesses to draft an LLC agreement that more closely meets their needs but these changes could also mean that smaller businesses might be less likely to file as LLCs. Under the new law, applicants must file a very detailed LLC agreement with the state and pay a $50 fee in order to form an LLC. Businesses will likely need legal assistance to draft the agreement which would make the process much more expensive.With table highlighting key differences between the old and new laws.

Recommended Citation

Farwell, Jackie, "Updates made to Maine's LLC law, first crafted in 1997, aim to allow businesses" (2011). Maine News Index – MaineBiz. 5562.
https://digitalcommons.portlandlibrary.com/news_mainebiz/5562