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What should be included in LLC Operating Agreements Part I?

The core elements of an LLC operating agreement include provisions relating to equity structure (contributions, capital accounts, allocations of profits, losses and distributions), management, voting, limitation on liability and indemnification, books and records, anti-dilution protections, if any, restrictions on

Where do I find my operating agreement for LLC?

If you're not sure who is serving as the LLC's registered business agent, the information is available through the Secretary of State's office in the state where your business is registered. The same office may also have a copy of your LLC operating agreement, although filing such agreements is generally not required.

Is an LLC agreement the same as an operating agreement?

An Operating Agreement is an agreement between the Members (owners) of a Limited Liability Company. It is similar in function to a Partnership Agreement. The LLC Operating Agreement is NOT the document you file when creating an LLC. The filing document for an LLC is called the Articles of Organization.

What is an operating agreement for an LLC?

An LLC operating agreement is a document that customizes the terms of a limited liability company according to the specific needs of its owners. It also outlines the financial and functional decision-making in a structured manner.

Can I write my own operating agreement?

In some states, an LLC operating agreement is required. Sometimes this is only required if the LLC has more than one member. Even if not required by law, an operating agreement serves three other important purposes: In essence, state law provides a standard operating agreement if you don't create your own.

What should be included in an LLC operating agreement?

The core elements of an LLC operating agreement include provisions relating to equity structure (contributions, capital accounts, allocations of profits, losses and distributions), management, voting, limitation on liability and indemnification, books and records, anti-dilution protections, if any, restrictions on

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