Regardless of a state's requirements, creating an operating agreement at the onset of an LLC is highly recommended due to the organizational and structural benefits they provide. Required in: California, Delaware, Maine, Missouri, Nebraska, and New York. It acts as a roadmap for the company, providing its members with a clear sense of direction for the near to long term on several key topics.īy reading a business' operating agreement, one learns who the members are (and their ownership percentages), how the business will fund itself, its future plans, how profits and losses will be handled, each member's voting rights, and the plans in place for emergencies and other unexpected events. An LLC operating agreement is a legal document that summarizes a limited liability company's function, structure, and rules.
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