The North Carolina Restated Limited Liability Company Agreement is a legal document that outlines the essential terms and conditions governing the operation and management of a Limited Liability Company (LLC) in the state of North Carolina. This agreement serves as a contract between the LLC members, establishing the rights, duties, and obligations of each party involved. It is crucial for LCS in North Carolina to have a well-drafted and comprehensive Restated Limited Liability Company Agreement in place to ensure smooth operations and protect the interests of all stakeholders. The North Carolina Restated Limited Liability Company Agreement typically includes provisions pertaining to the LLC's management structure, voting rights, profit and loss distribution, procedures for admission and withdrawal of members, transfer of ownership interests, and the dissolution and winding up of the LLC. It also addresses matters such as governance, decision-making processes, and dispute resolution mechanisms within the LLC. Within the realm of North Carolina Restated Limited Liability Company Agreements, there may be various types or variations customized to meet the unique needs and circumstances of different LCS. These variations may include: 1. Single-Member LLC Agreement: Tailored for LCS with only one member, this agreement outlines the sole member's rights and responsibilities, as well as the LLC's operational guidelines. 2. Multi-Member LLC Agreement: Designed for LCS with multiple members, this agreement specifies the rights, contributions, and duties of each member, outlining governance procedures, voting rights, and profit-sharing arrangements. 3. Buy-Sell Agreement: This type of agreement establishes procedures and terms for the transfer of ownership interests among LLC members, providing a mechanism for buying out a member's interest or allowing existing members to acquire additional interests. 4. Operating Agreement for Professional LLC: LCS formed by licensed professionals, such as attorneys or doctors, may require a specialized agreement addressing professional practice-related regulations and restrictions. In conclusion, the North Carolina Restated Limited Liability Company Agreement is a critical legal document that governs the operations and management of an LLC in North Carolina. Customized versions of this agreement, such as Single-Member LLC Agreements, Multi-Member LLC Agreements, Buy-Sell Agreements, and Operating Agreements for Professional LCS, cater to the specific needs and circumstances of different types of LCS operating in the state.
North Carolina Restated Limited Liability Company Agreement of LLC
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How to fill out North Carolina Restated Limited Liability Company Agreement Of LLC?
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North Carolina does not require an operating agreement in order to form an LLC, but executing one is highly advisable.
If the company was dissolved voluntarily the name is available 120 days after the effective date of dissolution. If the company was dissolved administratively, the name is available 5 years after the effective date of dissolution.
Filing fee is $30. This document must be filed with the Secretary of State.
When you need to change your North Carolina LLC's Articles of Organization, you must file an Amendment of Articles of Organization with the North Carolina Secretary of State. Filing an amendment can be done by mail, in person, or online, and costs $50.
There are some basic steps to dissolving an LLC in North Carolina. Step 1: Vote to dissolve the LLC. Review your company's operating agreement. ... Step 2: File certificate of dissolution. You will then need to fill out the certificate of dissolution. ... Step 3: Winding up. ... Step 4: File the final tax return.
§ 57D-3-20. (a) The management of an LLC and its business is vested in the managers. (b) Each manager has equal rights to participate in the management of the LLC and its business. Management decisions approved by a majority of the managers are controlling.
To revive a North Carolina LLC, you'll need to file the Application for Reinstatement Following Administrative Dissolution of Limited Liability Company (Form L-08) with the North Carolina Secretary of State. You'll also have to fix the issues that led to your North Carolina LLC's dissolution.
Once an entity is administratively dissolved, it may apply to the Secretary of State for reinstatement (or requalification, in the case of foreign entities). The entities must submit an application and correct all reasons that led to the dissolution or else prove to the Secretary that the grounds do not exist.