Llc Operating Agreement Michigan With S Corp Election

• Category: Limited Liability Company - Operating Agreements
• State: Michigan
• Control #: MI-00LLC-1
• Format: Word; Rich Text

Description

The LLC Operating Agreement for Michigan with S Corp Election is a crucial document establishing the operational framework for a limited liability company (LLC), governed by Michigan law. This agreement outlines the formation details, management structure, fiscal responsibilities, and the roles of members, emphasizing the LLC's intention to elect taxation as an S Corporation. Key features include provisions for member contributions, profit distributions, management powers, and a clear process for admitting new members and transferring interests. It allows for flexibility in management, whether through members directly or appointed managers, and incorporates specific guidelines for decision-making and liability limitations. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this agreement beneficial as it provides a structured approach to governance, minimizes personal liability, and ensures compliant operations. To fill and edit this form, users must carefully review each section, amending it to suit individual needs while ensuring compliance with statutory requirements. Use cases include starting a new business, restructuring ownership within an LLC, or formalizing tax election decisions.