A Perfect Operating Agreement in 2 Easy Steps:

1. Answer a number of
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Create Your LLC Operating Agreement Checklist

1. Decide a name for your LLC
2. Principal Office
3. Registered Agent/Office
4. Initial members
5. Decide the ownership interests of each member
6. Decide the amount of capital each member will contribute.
7. Will any members be granted an interest solely for the performance of services?

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DRAFTING AN LLC OPERATING AGREEMENT

The LLC Operating Agreement is the core document that is referred to when issues concerning the LLC need to be resolved. The LLC Operating Agreement reflects the agreement among the members with respect to the affairs and management of the LLC and governs the relationship among the members of the LLC.
In drafting a LLC Operating Agreement, the following general goals should be kept in mind:

1. The Operating Agreement should instruct owners concerning the operating and management of the LLC.
2. The Operating Agreement should address and resolve all issues concerning the members (legal, tax, and other).
3. The Operating Agreement should be customized to the business and owners
4. The Operating Agreement should comply with all federal income tax laws
5. The Operating Agreement should be consistent with the Articles of Organization
6. The Operating Agreement should be consistent with mandatory state statutory rules
7. The Operating Agreement should be clear and use understandable language
8. The Operating Agreement should be understood by all the members

The LLC Operating Agreement describes the business and economic arrangement of the members. Depending on the business arrangement with your co-owners there are a number of issues that should be addressed in your LLC Operating Agreement. The following checklist is provided to ensure that the important issues that should be addressed in your LLC Operating Agreement have been covered.

• The name of the business
• The official business address
• Registered agent
• The name of the members
• The business purpose of the LLC
• Capital accounts
• Adjustments to Capital Accounts
• The withdrawal of Members
• Compensation
• The amount of money or property contributed by the members
• Additional capital contributions
• Failure to Contribute
• How disputes among members will be handled
• How the business will be managed
• Conduct of meetings
• Voting
• Rights, duties, and liabilities of the members
• Rights, duties, and liabilities of the managers
• Indemnification of managers
• How cash will be distributed to the members
• How profits and losses will be allocated to the members
• Under what circumstances will members be permitted to transfer their interest to a third-party
• Will the members be granted a “right of first refusal” or a “right of first offer”
• Will the members be granted “Drag-Along” and/or “Tag-Along” rights
• Will the members be provided with “tax distributions”
• The duration of the LLC
• Books and records
• Termination
• Dissolution
• Amendments
• Notice
• Arbitration/Court of Law
• Governing Law
 

 
Disclaimer: The information provided in this site is not legal advice, but general information on legal issues commonly encountered. Neither myLLCoperatingagreement.com nor myLLCagreement.com is a law firm and neither is a substitute for an attorney or law firm. This site is not intended to create an attorney-client relationship, and by using myllcoperatingagreement.com or myLLCagreement.com, no attorney-client relationship will be created with myllcoperatingagreement.com or myLLCagreement.com.

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