Operating Agreement Template With Multiple Classes
Description
How to fill out Sample Limited Liability Company LLC Operating Agreement With Company Assets Divided Into Ownership Shares?
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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. The managing member may have more voting rights than the passive members.
member LLC (also called a membermanaged LLC) is a limited liability company that has more than one owner but no managers. Instead, owners run the daytoday operations of the LLC.
Does an LLC Have Classes of Stock? LLCs do not have stock, but ownership units that the Operating Agreement usually calls membership units. An LLC can have more than one class of members. Different classes may have different rights.
The multimember operating agreement is specially designed for LLCs with more than one owner. It is the only document that designates an LLC's owners and the percentage of the company they own. Both members should sign the operating agreement in the presence of a notary public.
An operating agreement is ONLY required in the five (5) States of California, Delaware, Maine, Missouri, and New York. In all other States, an operating agreement is not required but is recommended to be written and signed by all members of the LLC.