Delaware Sub-Operating Agreement
Description
How to fill out Sub-Operating Agreement?
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FAQ
The functionality of internal affairs is outlined in the operating agreement including but not limited to: Percentage of members' ownership. Voting rights and responsibilities. Powers and duties of members and managers. Distribution of profits and loses. Holding meetings.
Ing to Delaware Code Title 6 § 18-101, your operating agreement (or ?limited liability company agreement?) can be written, oral or implied. But, as a legal document, it's best that it be written down. Oral agreements don't hold up very well in court or in the heat of a disagreement between members.
The good news is that you're free to write your operating agreement in any way that you wish. There aren't any legal requirements regarding what you must include in the agreement. Drafting the best operating agreement for your LLC simply means tailoring it to your business's specific needs.
Delaware does NOT require an operating agreement. However, it is highly recommended to have a LLC operating agreement even if you are only a single member LLC. The state of Delaware recognizes operating agreements and governing documents.
What should a multi-member operating agreement include? Affirms that the LLC has been formed by state laws and will conduct lawful business. Notes where key business information (such as member info and registered agent) can be found. Lists the events that can end the business (and how members can continue the LLC)
As stated earlier, forming an LLC in Delaware requires you to submit the Articles of Organization for LLC. The state calls it the Certificate of Formation. File the completed form with the Division of Corporations by mail, in-person, or online.
Unlike the requirements of a corporation, the LLC's operating agreement does not require bylaws, minutes, officers, directors, and meetings.
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.