What is the difference between a term and at-will LLC?
A term company is defined in 33-44-101(19) as an LLC in which its members have agreed to remain members until the expiration of the term specified in the articles of organization. A termination date must be included in this item. A term company will dissolve on the date listed as the termination date. If this box is not checked, your LLC will operate as an at-will company. An at-will company does not have a specific date upon which it will terminate. Please be aware that there are different default rules for term and at-will companies that should be considered when organizing the LLC.
