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Limited Liability Company Operating Agreement


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What is an LLC Operating Agreement?

An operating agreement for an LLC is similar to the minutes and by-laws of a corporation.
Simply put it is an agreement between the members of the llc as to how the business of the
limited liability company will be conducted. The operating agreement does not get filed with
any state agency but is maintained by the LLC members as part of the company's records.

Why an LLC Should Have an Operating Agreement

While your state may not require LLCs to have an operating agreement it is in the best interest
of the company and it's members to develop one. The LLC operating agreement can help avoid disputes by spelling out the rights and duites of the members as well as financial and management arangements.

Having a written operating agreement also helps to establish the existance of an llc as a seperate entity apart from it's members. This may also help to preserve the limited liabilty status of the members.

Further, an operating agreement can help guard against your llc being subject to the default rules as they are set out in the state's limited liability company act. For example, if you do not have an operating agreement and a dispute arises between members of the llc the handling or settling of the dispute would have to be done in accordance with the the state's llc laws. Having an operating agreement allows the members of the llc to decide how disputes are to be handled so the state does not impose rules for your llc that do not fit your business situation or member objectives.

Does a Single Member LLC need an Operating Agreement?

Again, while your state may not require LLCs to have an operating agreement it is in the best
interest of the company and it's owner to develop one. Having a written operating agreement will
help to establish the existence of an llc as a seperate entity apart from the sole member, thus preserving the limited liabilty status of the member.

What an LLC Operating Agreement Should Include

Every business arangement is different and will dictate what the LLC's operating agreement should contain. Some important issues an operating agreement should cover include:

  • Member Names, Addresses and Percentage of Ownership Interest
  • The Capital Contributions Made by Each Member
  • Member Rights, Resposibilites and Duties
  • Rules Governing the Transfer of Membship Interest
  • Rules Governing the Removal of a Member
  • Management Structure of the LLC
  • Allocation of the Company's Profits and Losses
  • The Consequences of Death, Dissolution, Retirement or Bankruptcy of a Member
  • Rules Governing Accounting Methods and Record Keeping
  • How the LLC will Handle Dissolution Winding up it's Business Affairs

Want to Develop an Operating Agreement - We Offer Two Options

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Option 1 - Limited Liability Company Forms CD - $35

Our Forms CD is a valuable tool that can assist you with the organization, maintenance and administration of your company.

It contains a collection of completely customizable forms for corporations & limited liability companies and includes general business forms both in word and in pdf format.

  1. Amendment to the Article of Organization
  2. Approval of Loan to Company
  3. Approval of Transaction Benefiting Members
  4. Capital Contribution of Members
  5. Company Information Sheet
  6. Consent to Action
  7. Meeting List
  8. Membership Voting Proxy
  9. Minutes of the Annual Meeting of Members
  10. Minutes of the Organizational Meeting
  11. Notice of Meeting
  12. Operating Agreement General Form
  13. Operating Agreement Manager-Managed
  14. Operating Agreement Member-Managed
  15. Operating Agreement Single Member-Managed
  16. Waiver of Notice of Annual Meeting
  17. Written Consent to Action without Meeting

There are also 21 general business forms to assist with the operation of your company

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Option 2 - Customizable Sample Operating Agreement

Our Customizable Sample Operating Agreement is a valuable tool that can assist you with the development of an agreement for your LLC.

The sample agreement includes the following and comes in word format.

  • Complete and Customizable Operating Agreement
  • Certification Page
  • Schedule for Listing Member Contributions
  • List of Members Names and Addresses
  • Notices and Minutes for Meetings
  • Unanimus Written Consent
  • Certification of Authority

To order our Forms CD or Sample LLC Operating Agreement call us toll free at 877-789-4373.
Our incorporation specialists are here to answer your questions and help you with your order.

Still need to get your business set up? Let Start Biz Here incorporate your business or form your LLC. Our formation services are backed by our 100% Satisfaction Guarantee!

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