California Operating Agreement between NBC Internet, Inc. and Telocity, Inc.
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How to fill out Operating Agreement Between NBC Internet, Inc. And Telocity, Inc.?
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FAQ
An LLC operating agreement is generally brief, ranging from five to 25 pages. But it presses owners and members to agree on financial and operational arrangements. The main goal of the operating agreement is to name members of the LLC and their percentage of ownership.
An operating agreement should outline voting rights, member responsibilities, and even meeting frequency. While many states do not require any particulars, it's wise to make an agreement that's specific to your needs.
For multi-member LLC's, the operating agreement should be about 50 to 70 pages, depending on the number of people involved. However, a single-member LLC operating agreement need only be about 15 to 30 pages.
LLC operating agreements usually provide much more information, and almost all the provisions for how the business will be managed, and the rights, duties, and liabilities of members and managers are contained in the operating agreement. An operating agreement is a private document.
Domestic LLCs may be managed by one or more managers or one or more members. In addition to filing the applicable documents with the Secretary of State, an operating agreement among the members as to the affairs of the LLC and the conduct of its business is required.
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.