rongsheng llc for sale

US Customs records for Rongsheng Electrical Manufacturing, a supplier based in China. See their past imports and exports, including shipments to Made Simple Llc in Brooklyn, New York.

BEIJING (Reuters) - Rongsheng Petrochemical , the listed arm of a major shareholder in one of China"s biggest private oil refineries, expects demand for energy and chemical products to return to normal in the country in the second half of this year.

Rongsheng expects to start trial operations of the second phase of the refining project, adding another 400,000 bpd of refining capacity and 1.4 million tonnes of ethylene production capacity in the fourth quarter of 2020.

"We expect the effects of the coronavirus pandemic on energy and chemicals to have basically faded in spite of the possibility of new waves of outbreak," said Quan Weiying, board secretary of Rongsheng, in response to Reuters questions in an online briefing.

But Li Shuirong, president of Rongsheng, told the briefing that it was still in the process of applying for an export quota and would adjust production based on market demand. (Reporting by Muyu Xu and Chen Aizhu; Editing by Jacqueline Wong)

A California LLC generally offers liability protection similar to that of a corporation but is taxed differently. Domestic LLCs may be managed by one or more managers or one or more members. In addition to filing the applicable documents with the Secretary of State, an operating agreement among the members as to the affairs of the LLC and the conduct of its business is required. The LLC does not file the operating agreement with the Secretary of State but maintains it at the office where the LLC’s records are kept.

To form an LLC in California, go to bizfileOnline.sos.ca.gov, log in, select Register a Business under the Business Entities Tile, Articles of Organization - CA LLC and follow the prompts to complete and submit.

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A limited liability company (LLC) is a popular US-based business structure that offers business owners increased protection from legal and financial complications. Forming an LLC is a popular option among small to medium size businesses where business owners are heavily invested in the business"s success.

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An LLC offers many benefits, most notably the legal and financial protection it offers the owner (or LLC owners). Offering limited liability protection, the LLC separates the owner’s personal assets from the business.

If the LLC can’t pay its debts, then the creditors will make up the difference from the LLC’s bank accounts and assets. The owner’s personal assets and bank account is protected from paying the credit.

For example, imagine that you buy T-shirts in bulk and sell them as customized, branded items. If you buy too much stock and can’t move the stock in time to pay the bills, then creditors will revert to the LLC’s assets to settle. The owner’s personal assets and properties will not be liable to cover the debt.

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An LLC limits personal liability by treating the business as a separate legal entity from the owners. When you consider how small business owners invest wholeheartedly into their company, the remaining personal assets must be kept separate.

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Corporation LLC — filing Form 2553 presents your LLC as an S-Corp, allowing members to save money on self-employment taxes by only taxing the business owner’s salary

Different corporation structures offer specific benefits to owners, and by forming an LLC, you can choose the management structure that best suits your business. There is no formal structure associated with an LLC, allowing for flexibility.

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Forming an LLC in Delaware is a popular option, offering simple and low-cost formation, taxation benefits, and confidentiality protection, among other advantages.Choose a company name for your LLC

Consult the Secretary of State’s records to confirm that there is no existing business entity operating with the name you chose. It’s advised that you include LLC (or limited liability corporation) in your business name and register a “doing business as” name for trade.Choose a registered agent

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Okay. Good. Then the second question, with regards to your 2 Suezmax newbuildings. Obviously, we"ve seen call it Rongsheng being quite delayed on some of their deliveries. And I"m wondering whether the Suezmax is on track for delivery in February 2013 and May 2013.

Well, we have a pretty long history with Rongsheng, where we have built Suezmaxes before, and we came out pretty okay in that. So I would say we have a good working relationship with Rongsheng, and we have a good dialogue going on. So I think it"s always best to find a win-win situation for both parties, so when and if we come to a situation like that, I"m sure we can discuss it with the other.

Okay. And second on Rongsheng. To which extent has Rongsheng developed sort of a fuel-efficient design i.e., are you looking into the potentials of pushing the 2 Suezmaxes further up in time and perhaps getting a better spec on the vessels?

Well, this is already a improved specification from what we originally -- or the first ships we bid at Rongsheng. This is not with the most latest eco engine type, which is unfortunately not possible to re-engine these ships due to the hull form and the large body of the ship. But of course, Rongsheng, like other yards, have also developed new designs. And I think all shipyards are doing that at a rapid speed now. I think they have to do that to get new orders.

Last October, the company entered into an agreementto sell 98.5% equity interest of Rongsheng Heavy Industries, the entire interest in Rongsheng Engineering Machinery, Rongsheng Power Machinery and Rongsheng Marine Engineering Petroleum Services, to Unique Orient, an investment holding company owned by Wang Mingqing, a creditor of Huarong Energy, for a nominal price of HK$1.

Once the largest private shipyard in China, Rongsheng ceased shipbuilding operations in 2014 after it was hit by a major financial crisis and the shipyard rebranded into Huarong Energy in 2015.

What are the differences between a corporation, a limited liability company (LLC), a limited partnership (LP), a limited liability partnership (LLP), and a limited liability limited partnership (LLLP)? What are the benefits of forming each of these entity types?

Corporations, LLCs, and LPs are formed by filing a certificate of formation with the secretary of state. Corporations are owned by shareholders, managed by a board of directors, and administered by officers. LLCs are owned by members and managed by members, managers, or both. An LP is a partnership of one or more limited partners and one or more general partners. For more information, see Selecting a Business Structure.

If you want to organize your entity as a corporation or LLC and you will be performing professional services, then you may be required to form as a professional entity. Partnerships are not subject to the same restrictions on performing professional services.

Filing a certificate of formation with the secretary of state creates a for-profit corporation, professional corporation, close corporation, nonprofit corporation, LLC or limited partnership. Designations such as "S," "C," or "501(c)(3)" refer to federal tax provisions. For information on federal tax issues, including how they might affect what you need to include in your certificate of formation, consult a private attorney and/or contact the Internal Revenue Service.

A member of an LLC is a person that holds an ownership or membership interest in the LLC. An LLC is always going to have at least one member, but the affairs of the LLC can be managed or governed in one of two ways.

First, the LLC may be governed by its members as a whole. In this situation, every member has management authority. An LLC with this type of management structure is often referred to as a member-managed LLC.

Second, the LLC may elect to have a separate group of managers to manage the affairs of the LLC. The managers of an LLC may or may not also be members.

Your certificate of formation has to specify how the LLC will be managed. The secretary of state cannot assist you in making this determination. If you are unsure of the best management structure for your LLC, you may want to consult with your private attorney.

If a corporation, LLC, or LP does business under a name other than the legal name in its certificate of formation, it must file assumed name certificates with the secretary of state and with the clerk of the appropriate county. (See Assumed Name FAQ #9)

For-profit and professional corporations, professional associations, LLCs, and certain limited partnerships (whether Texas or foreign) that are subject to state franchise tax laws file annually with the Comptroller of Public Accounts. As part of the annual franchise tax reports, these taxable entities file a Public Information Report (PIR). The PIR lists the names and addresses of persons who are officers/directors and managers at the time the report is filed.

The Texas Business Organizations Code (BOC) does not recognize the term "nonprofit LLC" as describing a specific type of entity, but the BOC does allow for the formation of an LLC with a nonprofit purpose. Although a for-profit corporation is prohibited from "operating a nonprofit institution" (BOC §2.008), the BOC does not impose this prohibition on LLCs. This is one of the few substantive changes introduced by the BOC.

A Texas LLC that states a nonprofit purpose is not automatically exempt from state or federal taxes. For information on whether the IRS will grant a tax-exempt status to such an LLC, contact the IRS or read IRS Publication 557: Tax-Exempt Status for Your Organization. For information on whether the Texas Comptroller will grant tax-exempt status, contact the Comptroller’s Exempt Organizations Section.

No. Form 205 (Word, PDF) can be used to create a general purpose LLC, but it is not designed to create an LLC with a nonprofit purpose, and it is not designed to satisfy any requirements that the IRS or Texas Comptroller might impose for tax-exemption. You should consult with your attorney if you want to form a tax-exempt or nonprofit LLC.

A Texas LLC that states a nonprofit purpose remains an LLC, as that term is defined in section 1.002(46). It is subject to the regular LLC fees, and it is governed by the regular LLC provisions (§§101.001 et seq.).

A series LLC, formed under Texas law, is an LLC that provides in its governing documents for the establishment of one or more designated series of members, managers, membership interests, or assets that have separate rights, obligations and liabilities and business purposes from the general LLC. Each individual series has the ability to sue and be sued, enter into contracts, hold title to assets, and grant liens or security interests in its assets.

A protected series or registered series established by the LLC is not a separate domestic entity or organization for purposes of title 1 and chapter 101 of the Texas Business Organizations Code. (See section 101.622 of the Texas Business Organizations Code, effective 6/01/22.)

If you have questions about the legal or tax advantages/disadvantages of forming a series LLC, you should consult with your private attorney and/or tax advisor. The secretary of state"s office cannot provide you with this advice.

You should consult with your private attorney if you are considering forming a series LLC. In order to receive any of the benefits of a series LLC, at minimum, the language required by section 101.602(a)(1)-(2) of the Texas Business Organizations Code must be included in your certificate of formation and company agreement, and you must maintain separate records for the assets of each series. See sections 101.601-101.621 of the Texas Business Organizations Code for more information. The secretary of state does not have a specific form to be used to form a series LLC. If you want to use our general certificate of formation for a limited liability company (Form 205 Word, PDF), you may do so and add the additional required information in the Supplemental Text area of the form.

A “protected series” describes a series that was created prior to the June 1, 2022 effective date of Senate Bill 1523 (87th Reg., 2021) or a series that is established by a series LLC after June 1, 2022, that is not evidenced by a filing with the secretary of state.

You should consult with your private attorney if you are considering forming a protected series. Additionally, if each or any protected series established by a series LLC [hereinafter referred to as the “parent” LLC] conducts business under a name other than the name of the “parent” LLC, the LLC that created the protected series must file an assumed name certificate for the name of the protected series in compliance with chapter 71 of the Texas Business & Commerce Code. [See SB 1523 (87th Reg., 2021)]. See Form 503 (Word, PDF).

The secretary of state has not promulgated a form that may be used to create a registered series. To create a registered series, the series LLC must file and execute a certificate of registered series that contains the following:

A registered series has the same attributes as a protected series except that forming a registered series has additional filing requirements in the form of a certificate of registered series with the secretary of state by the “parent” LLC. In addition, a statutory filing will be required of a registered series when winding up the business affairs and terminating the existence of the registered series. A series LLC is not required to submit a filing instrument to the secretary of state when creating or establishing a protected series.

The Office of the Secretary of State cannot assist you in making this determination. If you have questions about whether you should form a series LLC, or a protected series or a registered series of a series LLC, you may want to consult with your private attorney.

Yes. A protected series or registered series may transact business under an assumed name by filing an assumed name certificate in compliance with chapter 71 of the Texas Business & Commerce Code. If the LLC or any protected series of the LLC conducts business under a name other than the name of the LLC, the LLC must file an assumed name certificate for the name of the LLC and each protected series. If any registered series conducts business under a name other than the name stated in its certificate of registered series, the registered series must file an assumed name certificate for that name. A registered series is not required to file an assumed name certificate under the name of the series as stated in its certificate of registered series. (See SB 1523, effective 6/01/22). See Form 503 (Word, PDF).

Yes. A series LLC formed under the laws of another jurisdiction will be treated as a single legal entity for qualification purposes. The LLC itself rather than the individual series should register as the legal entity that is transacting business in Texas. The secretary of state has a separate application for registration form for foreign series LLC. See Form 313 (Word, PDF). If each or any series of the LLC transacting business in Texas transacts business under a name other than the name of the LLC, the LLC must file an assumed name certificate in compliance with chapter 71 of the Texas Business & Commerce Code. See Form 503 (Word, PDF).

Not all states recognize a series LLC. You should contact the filing official in the state(s) where you contemplate transacting business to determine if the state recognizes series LLCs and, if so, the filing requirements. You may also want to consult with your private attorney to determine if a series LLC is the best structure to meet your business goals.