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Document Description
An LLC operating agreement is a key document for a limited liability company (LLC) as it outlines the terms of ownership, company structure and duties of the members of the LLC. This template is for a manager-managed LLC i.e. the owners appoint a manager or managers to handle day-to-day business decisions
An LLC is not mandatory by law in many states. However, it is important to have an LLC agreement because:
- it defines the roles and responsibilities of the members to avoid future misunderstandings;
- protect the members from being personally liable.; and
- having an operating agreement gives you the power to set the rules for your LLC and have more control over your business. In absence of an LLC operating agreement, the default state rules may apply to your company.
This template includes the essential provisions of an LLC operating agreement i.e.:
- Formation
- Rights and Duties of the Managers
- Capital Contribution
- Distribution
- Additional Member
- Dissolution
How to Use the Document?
This document should be used by all the members of the LLC. It is recommended to enter into an operating agreement during the startup phase of your business.
The details of the LLC, LLC members, capital contributions must be specified.
All the parties should sign and return a copy, and once signed, all the parties should get a copy. To avoid future disputes, parties may wish to have their signature witnessed.
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