An LLC operating agreement is a written agreement between members of an LLC (Limited Liability Company), which outlines the business’ purpose, as well as managerial roles and financial responsibilities.
|Every LLC Operating Agreement Should Include:|
|LLC Name||Articles of Organization||Registered Agent Info|
|Duration of LLC||Member Voting Rights||Continuance of Company Through Death of Member|
|LLC Purpose||Principal Address||Addition of New Members|
|Initial Contributions||Profit and Loss Distribution||Daily Operations Overview|
|Powers of Managers and Members||Record Maintenance||Management Fees|
|Member Rights||Member Withdrawal||Dissolution|
No state requires an LLC to have an operating agreement, but if your LLC has more than one member, operating agreements are essential. Although the operating agreement is not filed with any state agency, if your LLC winds up in court, that document will prove applicable and may help to provide strong limited liability. The document will also be relied upon to resolve member disputes, account for initial contributions, and serve as an official record of how much of the company each member owns. Operating agreements are, in a word, important. This document should not be disregarded!
An LLC operating agreement does the important job of outlining responsibilities in a LLC and outlines the general rules by which the members agree to operating the LLC. Below, you’ll find the most important things an LLC operating agreement does:
One of the biggest selling points of hiring IncFast to form an LLC for you is this: we include an operating agreement with every LLC we form. You could pay thousands to an attorney to draft one on your company’s behalf, but if you hire us, it’s just included. Why? Because we believe a company should not only be formed fast, but that as professionals, you can rest assured your company has been formed the right way and that you have everything you need to build a secure future.