Connecticut Operating Agreement for Member Managed Limited Liability Company - Long Form
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How to fill out Operating Agreement For Member Managed Limited Liability Company - Long Form?
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Under Connecticut law, an LLC is not required to have an operating agreement. In 2017, Connecticut enacted the Connecticut Uniform Limited Liability Company Act (?CULLCA?), which applies to all limited liability companies in Connecticut.
PLLCs in Connecticut have relatively simple formation and maintenance requirements, several options for how they want to be taxed, and flexible management. From one-person businesses to multi-member PLLCs with several owners, the PLLC is a popular choice for a reason.
Common pitfalls of a poorly drafted Operating Agreement include failing to: (i) specify what authority managers or members have; (ii) carve out key decisions that require a higher approval threshold (e.g., dissolution, sale of all or substantially all of the assets of the LLC, etc.); (iii) address how deadlocks in the ...
For LLCs that document is your operating agreement. For Corporations, Social Purpose Corporations, Benefit Corporations, and Nonprofit Corporations, that document is your bylaws.
The Registered Agent can be either a natural person or a domestic or foreign (licensed to transact business in this State) artificial legal entity (Corporation, LLC, LP or LLP). The registered office must be located at a street address (a P.O. Box alone is not acceptable) within the State of Connecticut.
Three of the most common types of operating agreements include single-member, multi-member and manager-managed.
Such processes can be laid out in a corporate resolution form, usually known as the operating agreement. The agreement can also specify whether or not the decision-making is to be agreed upon by all members or a majority of members.
The LLC operating agreement, also known as an LLC agreement, establishes the rules and structure for the LLC and can help address any issues that arise during business operations. Most states have default provisions that address many of these difficulties, but the operating agreement can override these presumptions.
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.
A Connecticut LLC is a type of business entity that provides tax flexibility along with limited liability protection. You can start your Connecticut LLC by filing Articles of Organization with the Connecticut Secretary of State. However, navigating all the state statutes and business forms can be overwhelming.