Georgia Exhibit A to Operating Agreement - Contract Area and Parties - Form 3
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The operating agreement will also address what happens in the event of a dissolution and how the assets should be distributed. Another important part of the Operating Agreement is the provision that describes how profit is distributed to the members.
Georgia does not require any LLC to have an Operating Agreement. This applies to single-member and multi-member LLCs. You can still create your own for use in your company, however.
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.
The state of Georgia does not require LLCs to have Operating Agreements. However, you will need one if you want to make it easy for you and your co-members to do business together.
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)
