Pennsylvania Limited Liability Company Without A Written Operating Agreement
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How to fill out Pennsylvania Quitclaim Deed From Corporation To LLC?
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FAQ
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.
It provides a reference for how to solve problems and disagreements, and it serves to protect all members and the business itself. Although LLC Operating Agreements are not legally required in Pennsylvania, it is always good to have one.
Get together with your co-owners and a lawyer, if you think you should (it's never a bad idea), and figure out what you want to cover in your agreement. Then, to create an LLC operating agreement yourself, all you need to do is answer a few simple questions and make sure everyone signs it to make it legal.
Pennsylvania does not require an operating agreement in order to form an LLC, but executing one is highly advisable.