Operating Agreement Llc Michigan With Multiple Classes
Description
How to fill out Michigan Limited Liability Company LLC Operating Agreement?
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FAQ
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.
There is no state law in Michigan that requires LLCs to have an operating agreement.
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.
Classes of LLC Membership Units Class A units could contain full financial and voting rights. Class B units could include financial rights, but no voting rights. Read more about LLC structures.