GET A CUSTOMIZED LLC OPERATING AGREEMENT
LLC Operating Agreement
An LLC should always create an operating agreement to define the basic rights and responsibilities of LLC members. The Operating Agreement is the most important document for your LLC. It is the core document that is referred to when issues concerning the LLC and its members need to be resolved.
Single Member Limited Liability Company
It is extremely important that you create an operating agreement to separate yourself as an individual from your LLC, even if you are the sole owner (“member”) of your LLC. Without the formality of an agreement, the LLC can closely resemble a sole proprietorship, which does not limit your personal liability for business debts of the LLC. In addition, without an LLC operating agreement, the basic operation of the LLC would be governed by state law, which may not be advantageous to the LLC, it members, or the business it conducts. In fact, some states like New York require an LLC to have an operating agreement.
The operating agreement governs the operation and management of the LLC. The agreement should also reflect the member's financial contribution to the LLC and the value of that contribution.
Multi-Member Limited Liability Company
It is extremely important that you create an operating agreement for your LLC entity. Without the formality of an agreement, the basic operation of the LLC would be governed by state law, which may not be advantageous to the LLC, it members, or the business it conducts.
The operating agreement governs the operation and management of the LLC. It describes the business and economic arrangement of the members greatly reducing the likelihood of disagreement between them in the future over critical issues such as:
- Voting rights
- Additional capital contribution requirements (the money invested in the business)
- Are owners entitled to periodic draws from the profits of the business?
- May members leave the LLC anytime they wish and expect an immediate payout of their capital contributions?
- How much should an owner be paid when he or she decides to leave the business?
- Is a departing owner allowed to sell an interest to an outsider?
- A lender may request it to obtain financing
We strongly encourage you to create your operating agreement at the time you form your LLC.
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