Indiana Operating Agreement Summary
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How to fill out Operating Agreement Summary?
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FAQ
How to Start an LLC in Indiana Choose a Name for Your LLC. ... Appoint a Registered Agent. ... File Articles of Organization. ... Prepare an Operating Agreement. ... Obtain an EIN. ... File Biennial Reports.
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.
An operating agreement should include the following: Percentage of members' ownership. Meeting provisions and voting rights. Powers and duties of members and management. Distribution of profits and losses. Tax treatment preference. A liability statement. Management structure. Operating procedures.
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.
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)
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.
Indiana state law does not mandate that LLCs adopt an operating agreement. Indiana state code § 23-18-4-5 states that LLCs may enter into an operating agreement but does not require them to do so. Even so, it is in your company's best interest to have a written operating agreement.
The document that most states call an operating agreement or an LLC agreement is called a company agreement under the Texas Limited Liability Company law. These three terms?company agreement, operating agreement, and LLC agreement?are synonyms.