Sample Operating Agreement For Corporation

State:
Multi-State
Control #:
US-0767-WG
Format:
Word; 
Rich Text
Instant download

Description

To validly complete the formation of the LLC, members must enter into an Operating Agreement. This operating agreement may be established either before or after the filing of the articles of organization and may be either oral or in writing in many states. Regardless of state requirements, it is preferred practice to have a written operating agreement. If you don't create a written operating agreement, the LLC laws of your state will govern your LLC.
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  • Preview Sample LLC Operating Agreement
  • Preview Sample LLC Operating Agreement
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FAQ

Similarly, corporations (S corps and C corps) are not legally required by any state to have an operating agreement. Still, experts advise owners of these businesses to create and execute their version of an operating agreement, called bylaws.

An LLC operating agreement should contain provisions to cover: Basic information about the LLC. ... A profit and loss allocation plan. ... The LLC's purpose. The management structure. ... Ownership percentages of each member. ... Voting rights and procedures. ... Meeting frequency. Procedures for bringing in new members.

While most states don't require LLCs to have operating agreements, it's always a good idea to create one to ensure your business is well administered and protected from risk.

An operating agreement is a document created by the owners/members of a limited liability company (LLC) as part of the LLC formation process, to outline the terms and conditions relating to its structure.

Key Components of an S-Corp Operating Agreement Identification of Parties. ... Management Structure. ... Ownership and Equity. ... Shareholder Rights and Obligations. ... Distributions and Allocations. ... Financial Matters. ... Meetings and Decision-Making. ... Amendments and Dissolution.

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Sample Operating Agreement For Corporation