LLC Operating agreements

An LLC Operating Agreement establishes the percentage ownership of the Company, allocation of profits and losses, Owner & Member rights and responsibilities, and how matters will be decided when a member leaves. It also governs the internal operations of the business. Once an operating agreement is signed, it becomes a binding contract.

When Do I need to get an Operating Agreement?
  • If you are establishing a new LLC for your Business 
  • If you do not currently have an Operating Agreement

Most states require an LLC to have an Operating Agreement to retain their LLC status. You will not have the protection of an LLC if you do not comply with this formality. 

How long is an Operating Agreement? It is typically between 7-30 pages. 

What is included in an Operating Agreement?
  • Percentage of ownership 
  • Powers of members and managers
  • Voting rights
  • Member role
  • Distribution of profits and losses 
  • How meetings will be held
  • Buyout provisions in an event of death, incapacity, member leaves, etc.

If you have any questions. Please Call our Law Firm today. 1(800) 929-5140
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