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How to Write an LLC Operating Agreement Check your state's rules. ... Define owners and stakes. ... Define operating terms. ... Define financial terms. ... Think about dissolution. ... File with your state's secretary of state.
Yes, not only because you are legally required to have a written operating agreement in New York state, but also because the operating agreement helps you prove that you own your LLC. And even more importantly, it helps you maintain your limited liability status.
The Operating Agreement may be entered into before, at the time of, or within 90 days after the filing of the Articles of Organization. The Operating Agreement is the primary document that establishes the rights, powers, duties, liabilities and obligations of the members between themselves and with respect to the LLC.
The operating agreement should include the following: Basic information about the business, such as official name, location, statement of purpose, and registered agent. Tax treatment preference. Member information. Management structure. Operating procedures. Liability statement. Additional provisions.