Oregon Limited Liability Company Without Operating Agreement
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FAQ
An LLC operating agreement is not required in Oregon, but is highly advisable. This is an internal document that establishes how your LLC will be run. It sets out the rights and responsibilities of the members and managers, including how the LLC will be managed.
All LLC's should have an operating agreement, a document that describes the operations of the LLC and sets forth the agreements between the members (owners) of the business. An operating agreement is similar to the bylaws that guide a corporation's board of directors and a partnership agreement.
An LLC operating agreement is a document that customizes the terms of a limited liability company according to the specific needs of its members. It also outlines the financial and functional decision-making in a structured manner. It is similar to articles of incorporation that govern the operations of a corporation.
To officially form your LLC, you'll need to complete a form called Articles of Organization. When the form is completed, you'll submit it to the Oregon Secretary of State online, by mail, or in person and pay the $100 filing fee. Note: All of the information on this form will become part of the public record.
