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Limited Liability Companies Operating Agreement Law & Legal Definition
To validly complete the formation of the LLC, members must enter into an Operating Agreement. This operating agreement may be established either before or after the filing of the articles of organization and may be either oral or in writing in many states. Regardless of state requirements, it is preferred practice to have a written operating agreement. If you don't create a written operating agreement, the LLC laws of your state will govern your LLC.
The LLC operating agreement may vary in complexity, and contains the following information:
* Company name and address information
* Registered agent information
* Name and address information for each LLC member
* LLC management structure and operation
* Items contributed by each Member
* Fair market value of each item contributed
* Date of company dissolution
* Accounting method
* Tax treatment for your LLC
* Sample LLC operating resolutions
* Appointment of LLC officers
* Designation of a final capital pay-in date
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