Michigan Llc Operating Agreement With Multiple Classes
Description
How to fill out Michigan Limited Liability Company LLC Operating Agreement?
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FAQ
Without the operating agreement, your state might not acknowledge you as an LLC, which means someone could sue you without there being any shield to protect your personal assets. You've already put in the time and effort to form your LLC to get liability protection.
Michigan does not require you to submit an Operating Agreement to form your LLC. However, it is important for every LLC to have an Operating Agreement, establishing the rules and structure of the business.
A Michigan LLC Operating Agreement is a legal document outlining the rules governing your limited liability company. An operating agreement is an internal document, meaning you don't have to file it with the Michigan Department of Licensing and Regulatory Affairs (LARA).
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.
Does an LLC have shares? No. Only businesses structured as a corporation issue shares. With a limited liability company, ownership is expressed by percentage and membership units.