Tennessee Llc Operating Agreement With Multiple Classes
Description
How to fill out Tennessee Limited Liability Company LLC Operating Agreement?
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FAQ
Nope, Tennessee law doesn't require you to file your operating agreement with the state. Your operating agreement is an internal document your LLC should keep on record.
It is possible to have multiple classes of equity in an LLC. In a real estate LLC, for example, you may have an actively managing member and other passive participants.
To form a Series LLC in Tennessee, you must file Articles of Organization with the Tennessee Secretary of State, Business Services Division. You can submit this form online, in person, or by mail. The minimum filing fee is $300 for a Series LLC with six or fewer members.
An operating agreement should include the following: Percentage of members' ownership. Meeting provisions and voting rights. Powers and duties of members and management. Distribution of profits and losses. Tax treatment preference. A liability statement. Management structure. Operating procedures.
Does an LLC have shares? No. Only businesses structured as a corporation issue shares. With a limited liability company, ownership is expressed by percentage and membership units.