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 Maine With Non Voting Members
State:
Maine
Control #:
ME-00LLC-1
Format:
Word;
Rich Text
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Maine is one of the few states that require an operating agreement. As the state's LLC Act §1531 states, a limited liability company agreement must be entered into or otherwise existing at the time that you file the Certificate of Formation.
Get together with your co-owners and a lawyer, if you think you should (it's never a bad idea), and figure out what you want to cover in your agreement. Then, to create an LLC operating agreement yourself, all you need to do is answer a few simple questions and make sure everyone signs it to make it legal.
Get together with your co-owners and a lawyer, if you think you should (it's never a bad idea), and figure out what you want to cover in your agreement. Then, to create an LLC operating agreement yourself, all you need to do is answer a few simple questions and make sure everyone signs it to make it legal.
Most LLC operating agreements are short and sweet, and they typically address the following five points:Percent of Ownership/How You'll Distribute Profits.Your LLC's Management Structure/Members' Roles And Responsibilities.How You'll Make Decisions.What Happens If A Member Wants Out.More items...?
The form and contents of operating agreements vary widely, but most will contain six key sections: Organization, Management and Voting, Capital Contributions, Distributions, Membership Changes, and Dissolution.
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Generally, an LLC that has at least two members is treated as a partnership for tax purposes. Not all states require an LLC operating agreement.Since LLCs usually have only a few members, most management decisions are made informally. The agreements will include names of each member in each class plus their assigned rights or responsibilities. Generally speaking, you do not need to make an LLC Operating Agreement for every state that you do business in. A limited liability company agreement of a limited liability.