Operating Agreement

After you've formed an LLC, registered it with the State, you need to develop the rules and conditions of how the company is to be run and by whom. Without this documents and its normal paper trail, many LLCs have lost their case for existence in court.

Operating Agreement. The Operating Agreement spells out for investors, the courts, IRS, and other legal and legitimate inquiries HOW the Company is to be RUN and MANAGED. While the Operating Agreement is not registered with the State, it must be in the Minutes & Record Book of the company when required to be viewed, or the decisions made and the method of operating the company could be enforced by the State under the LLC Act provisions.

Full Operating Agreement. To be completely protected from all attacks on your entity and how it is managed, you should have the following:

1. Name of LLC, Conditions of formation, and Names of initial members
2. Member based or Manager based
3. Business Purpose
4. Capital Contributions
5. Loans and Repayment
6. Profits, loses, allocations and distributions
7. Management-how Company is run
8. Authority of Management
9. Restrictions of Management
10. Time, Compensation, and Term of Managing Members
11. Indemnification of Members and Managers
12. Banking, Bank Accounts, and Accounting
13. Records and Tax Reports
14. Principle Place of Business and Location of Company Information
15. Member Dissociation
16. Disposition of Membership Interests
17. Incompetence or Death of Members
18. Liability of Members and Managers
19. Assignment of Shares
20. Registered Agent and Address
21. Covenants of Competition
22. Violation of Agreement
23. General Provisions of Agreement
24. Additional Provisions

Our Operating Agreement. The Operating Agreement we provide is typically fifty pages long (longer if a Series LLC is included) and contain all the above information.

DISCLAIMER: The information provided on this site is for informational purposes only and is NOT to be relied upon as legal advice. This service is not a substitute for the advice of an attorney and we encourage users to have all documents created on our site reviewed by an attorney. No attorney-client relationship is established by use of our online forms or within our purchasable CDs, and the user is not to rely upon any information found anywhere on our site. THESE FORMS, CDs, AND ENTITIES ARE SOLD ON AN "AS IS" BASIS WITH NO WARRANTIES OR GUARANTIES. If you wish personal assistance in deciding whether the document or entity found on our site is right for you or desire representations and warranties upon the legality of the document you are purchasing in the jurisdiction you will be using it, contact an attorney licensed to practice law in your state

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