This form is a Limited Liability Company Agreement. The parties have agreed to form a limited liability company upon the terms listed in the agreement. However, the form also lists the actions or events which would result in the termination of membership in the limited liability company.
Maryland Limited Liability Company LLC Operating Agreement
State:
Multi-State
Control #:
US-00580
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Limited Liability Company LLC Operating Agreement?
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FAQ
One type of legal entity that professionals consider is a professional limited liability company (PLLC). A PLLC is a business structure made for licensed professionals in specialized industries such as the medical or legal fields.
The professional limited liability company (PLLC) is a specialized type of LLC that is intended for licensed professionals to offer their unique services. Professional LLCs in Maryland are LLCs formed to provide services that may only be legally rendered by persons licensed in Maryland to render such services.
Licensed professionals in medicine, law, architecture and related fields can form a Maryland professional corporation (PC). This article will provide a step-by-step method for how to form a PC in Maryland.
An operating agreement is a key document used by LLCs because it outlines the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners.
There is no Maryland state law requiring an LLC to have an operating agreement. However, if you don't have one, your LLC will be governed by Maryland's default LLC statutes, and you may run into difficulty if you need to prove your ownership of the LLC or if you face a lawsuit.
Common pitfalls of a poorly drafted Operating Agreement include failing to: (i) specify what authority managers or members have; (ii) carve out key decisions that require a higher approval threshold (e.g., dissolution, sale of all or substantially all of the assets of the LLC, etc.); (iii) address how deadlocks in the ...
Maryland does not allow professionals, such as accountants, attorneys and physicians, to form a professional limited liability companies (PLLCs).; however, professionals may incorporate their businesses as an LLC.
While an LLC and PLLC both provide personal limited liability protection, a PLLC will not protect you from claims of malpractice or wrongdoing. However, a benefit of a PLLC is that the wrongdoing of one individual member does not create liability for other members.