This Operating Agreement is used in the formation of any Limited Liability Company. 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.
Llc Operating Agreement California With Multiple Classes
State:
California
Control #:
CA-00LLC-1
Format:
Word;
Rich Text
Instant download
Description
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How to fill out California Limited Liability Company LLC Operating Agreement?
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FAQ
Basic Steps to Form a Multi-Member LLCChoose a business name.Apply for an EIN (Employer Identification Number).File your LLC's articles of organization.Create an operating agreement.Apply for the necessary business licenses and permits.Open a separate bank account for your business.
Because LLCs do not issue stock, there are not shareholders or stockholders in LLCs. LLCs do have members, which hold ownership units in the LLC. There can be different classes of membership units with different rights and duties. For example, an LLC can designate Voting and Non-Voting membership units.
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. The managing member may have more voting rights than the passive members.
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.
Because LLCs do not issue stock, there are not shareholders or stockholders in LLCs. LLCs do have members, which hold ownership units in the LLC. There can be different classes of membership units with different rights and duties. For example, an LLC can designate Voting and Non-Voting membership units.