Llc Operating Agreement With Multiple Classes
Description
How to fill out Tennessee Single Member Limited Liability Company LLC Operating Agreement?
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FAQ
In order to complete your Operating Agreement, you will need some basic information. The formation date of your LLC. The name and address of the Registered Office and Registered Agent. The general business purpose of the LLC. Member(s) percentages of ownership. Names of the Members and their addresses.
Classes of LLC Membership Units Class A units could contain full financial and voting rights. Class B units could include financial rights, but no voting rights. Read more about LLC structures.
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.
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.
Class A: Complete Voting Rights and Complete Economic Rights. Class B: Partial Voting Rights and Complete Economic Rights. Class C: No Voting Rights and Complete Economic Rights.