Guam Sub-Operating Agreement
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How to fill out Sub-Operating Agreement?
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FAQ
An operating agreement, also known in some states as a limited liability company (LLC) agreement, is a contract that describes how a business plans to operate. Think of it as a legal business plan that reads like a prenup.
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.
Under the default rules, every member of the LLC is an agent of the LLC and can conduct business on behalf of the LLC. In other words, each member has the authority to bind the LLC in ordinary business transactions, whether or not the member has the consent of the other members. See OCGA §14-11-301.
Georgia doesn't have a general business license for LLCs, so there are no fees there. If your business has to get an occupational license or municipal (city or county) permit, the fees are hard to predict. Depending on your LLC's location, and what type of business or industry you're in, the fee varies.
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.
Your business name must include the words Limited Liability Company, LLC, or L.L.C. Your name must be different from an existing business in the state. You can do a search on the Secretary of State's website to determine if a particular business name is in use. For name availability in Georgia, check this link.
A Limited Liability Company (LLC) Operating Agreement is a document that tailors the provisions of a Limited Liability Company to the demands of its members. It also lays out the financial and functional decision-making process in a logical order.