Future Business Leaders of America (FBLA) Agribusiness Practice Test

What document is required to form a Limited Liability Company (LLC)?

1. Bylaws

2. Articles of Organization

3. Partnership Agreement

4. Operating Agreement

The correct answer is: Articles of Organization

To form a Limited Liability Company (LLC), the required document is the Articles of Organization. This document is crucial because it officially establishes the LLC with the state government, providing necessary information such as the name of the company, its purpose, the address, and details about the members. Filing the Articles of Organization is often the first step in the process of forming an LLC, and it is typically submitted to the secretary of state or the relevant state agency. Bylaws, on the other hand, are internal documents that outline the management structure and operating procedures of a corporation, not an LLC. A Partnership Agreement is relevant when establishing a partnership, not specifically for LLCs. An Operating Agreement, while important for defining the internal management and operational procedures of an LLC, is not formally required by all states for the establishment of the LLC itself but is often recommended to clarify the members' duties and rights. Hence, the Articles of Organization is the essential document for the formation of an LLC.