Michigan Llc Operating Agreement With Units
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To get you started, here is a Top 10 list underscoring the major provisions that an LLC operating agreement should have. Member Financial Interest. ... Corporate Governance. ... Corporate Officer's Power and Compensation. ... Non-Compete. ... Books and Records Audit. ... Arbitration/Forum Selection.
An operating agreement should include the following: Percentage of members' ownership. Meeting provisions and voting rights. Powers and duties of members and management. Distribution of profits and losses. Tax treatment preference. A liability statement. Management structure. Operating procedures.
There is no state law in Michigan that requires LLCs to have an operating agreement.
LLC operating agreements usually provide much more information, and almost all the provisions for how the business will be managed, and the rights, duties, and liabilities of members and managers are contained in the operating agreement. An operating agreement is a private document.
Here are the steps to starting an LLC in Michigan: Select a business name for your Michigan LLC. Choose your Registered Agent. File the LLC Articles of Organization with the state. Complete and sign an LLC Operating Agreement. Get a Tax ID Number (EIN) from the Internal Revenue Service (IRS) Open an LLC bank account.