Tennessee 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
A series LLC in Tennessee is a special type of LLC that provides specific liability and tax benefits to its owners and members. The series LLC consists of a master LLC and one or more individual series that branch off from it.
Does an LLC Have Classes of Stock? LLCs do not have stock, but ownership units that the Operating Agreement usually calls membership units. An LLC can have more than one class of members. Different classes may have different rights.
A written operating agreement is not legally required for most Tennessee LLCs (the exception being director-managed LLCs). Even so, having a written operating agreement is essential for opening a business bank account, heading off disagreements between members, and bolstering your limited liability status.
Divide ownership of the LLC by calculating total cash investment by the members. Give each member an ownership stake equal to his cash investment. Four members contributing $25,000 apiece would each receive a 25 percent stake in the company.
Every Tennessee LLC owner should have an operating agreement in place to protect the operations of their business. While not legally required by the state, having an operating agreement will set clear rules and expectations for your LLC while establishing your credibility as a legal entity.
