Massachusetts Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares

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US-0688-WG
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A Limited Liability Company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. There is no tax on the LLC entity itself. The members are not personally liable for the debts and obligations of the entity like partners would be. Basically, an LLC combines the tax advantages of a partnership with the limited liability feature of a corporation.


An LLC is formed by filing articles of organization with the secretary of state in the same type manner that articles of incorporation are filed. The articles must contain the name, purpose, duration, registered agent, and principle office of the LLC. The name of the LLC must contain the words Limited Liability Company or LLC. An LLC is a separate legal entity like a corporation.


Management of an LLC is vested in its members. An operating agreement is executed by the members and operates much the same way a partnership agreement operates. Profits and losses are shared according to the terms of the operating agreement.

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  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares

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FAQ

What does an LLC capital contribution agreement include?Name of each member making a contribution.The valuation of previous membership interests.Each member's previous percentage of LLC ownership.The date contributions are being made.The LLC name.The LLC date and state of formation.Each member's new contributions.More items...

Accounting for LLC Capital ContributionsThe primary use of a capital account is to record the value of the member's percentage of ownership; if the LLC were to be dissolved, the amount in each member's capital account should reflect the amount that member would receive after all debts have been paid.

You do not enter capital contributed to an LLC on your individual income tax return. That amount is an investment, not a current year expense.

While most people do make an initial capital contribution, legally it is not required. You could simply appoint yourself as the sole member of your SMLLC without making any initial investment. However, you'd probably be taking a significant risk if you didn't invest at least a small amount at the outset.

Capital is defined as the cash or assets in an LLC (or any type of entity for that matter). Capital can include cash, accounts receivable, equipment, and even physical property. Naturally, putting the words together, a capital contribution is a member's contribution of assets, usually cash, into the LLC.

What should an LLC operating agreement include?Basic company information.Member and manager information.Additional provisions.Protect your LLC status.Customize the division of business profits.Prevent conflicts among owners.Customize your governing rules.Clarify the business's future.

Massachusetts does not require an operating agreement in order to form an LLC, but executing one is highly advisable. . . An operating agreement is the basic written agreement between the members (i.e., owners) of the LLC, or between the members and the managers of the company, if there are managers.

Massachusetts does not require an operating agreement in order to form an LLC, but executing one is highly advisable. . . An operating agreement is the basic written agreement between the members (i.e., owners) of the LLC, or between the members and the managers of the company, if there are managers.

Contributed capital is reported in the shareholder's equity section of the balance sheet and usually split into two different accounts: common stock and additional paid-in capital account.

An operating agreement is a key business document that shows your business operates like a legit company. Without the operating agreement, your state might not acknowledge you as an LLC, and which means someone could sue to go after you without there being any shield to protect your personal assets.

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Massachusetts Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares