Operating Agreement Template For S Corp Format
Description
How to fill out LLC Operating Agreement - Taxed As A Partnership?
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FAQ
Instead of using an operating agreement, which is specific to an LLC, an S corporation will rely on its corporate bylaws and articles of incorporation. All states require S corporations to use articles of incorporation. However, corporate bylaws are not required in every state.
Draft the Operating Agreement These documents should include the roles and rights of the shareholders, how decisions are made, and how profits and losses are distributed. Additionally, the agreement should contain provisions to handle changes in ownership, dissolution, and dispute resolution.
If you're planning on operating a single-member LLC, an operating agreement isn't as important, but you may still choose to create one for yourself to outline the way that you'll do business.
An operating agreement should include the following: Percentage of members' ownership. Meeting provisions and voting rights. Powers and duties of members and management. Distribution of profits and losses. Tax treatment preference. A liability statement. Management structure. Operating procedures.