I am in colorado and have a ltd. A lawyer said I cannot use this. Yet, my daughter's are part of ownership, just not per SOS

Generally, under Colorado law, a Colorado corporation must have one of the following terms or abbrevations as part of it's legal name: "Corporation" "Incorporated" "Company" "Limited" "Corp." "Inc." "Co." "Ltd." A Colorado LLC (Limited Limited Company), on the other hand, is not a colorado corporation so you would not have those terms or abbrevations above and different legal and tax rules applies. For a Colorado corporation you would prepare and file Articles of Incorporation with the Colorado Secretary of State and set up Bylaws. For a Colorado LLC your would prepare and file Articles of Organization with the Colorado Secretary of State and set up an Operating Agreement. As mentioned above, there is different legal and tax aspects of each type of entity.