This Operating Agreement is for a Limited Liability Company with only one Member. This form may be perfect for an LLC started by one person. You make changes to fit your needs and add description of your business. Approximately 10 pages. It allows for eventual adding of new Members to LLC.
Liability Company Llc Without A Written Operating Agreement
State:
Alabama
Control #:
AL-00LLC-2
Format:
Word;
Rich Text
Instant download
Description
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FAQ
An operating agreement is a key business document that shows your business operates like a legit company. Without the operating agreement, your state might not acknowledge you as an LLC, and which means someone could sue to go after you without there being any shield to protect your personal assets.
Why do you need an operating agreement? To protect the business' limited liability status: Operating agreements give members protection from personal liability to the LLC. Without this specific formality, your LLC can closely resemble a sole proprietorship or partnership, jeopardizing your personal liability.
If there is no operating agreement, you and the co-owners will not be suitably equipped to reach any settlements concerning misunderstandings over management and finances. Worse still, your LLC will be required to follow any of your state's default operating conditions.
An LLC operating agreement is a document that customizes the terms of a limited liability company according to the specific needs of its members. It also outlines the financial and functional decision-making in a structured manner. It is similar to articles of incorporation that govern the operations of a corporation.
Backdating an operating agreement is fine if it accurately reflects the way you and your fellow member have actually governed and capitalized the company, as well as how profits or salary were distributed or earned, and how taxes were paid...
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Even if you're a single-member LLC, of which you're the owner, it's still worth creating an operating agreement for your business. The operating agreement is where this liability is formally written, making it a crucial document.Want to reduce personal liability for you and your business partners? A Limited Liability Company (LLC) might be right for you. While it may not be a requirement to have an operating agreement, it's actually in the best interest of an LLC to draft one. New York Limited Liability Company Law LLC NY Limit Liab Co Section 417.