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Why do you need an operating agreement? To protect the business' limited liability status: Operating agreements give members protection from personal liability to the LLC. Without this specific formality, your LLC can closely resemble a sole proprietorship or partnership, jeopardizing your personal liability.
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, one of an LLC's (limited liability company) most important legal documents, should be one of the first documents you create when you form your LLC. So, does an operating agreement need to be notarized? Drumroll please . . . the answer is: no!
Operating agreements should be kept with the essential records of your business. You do not need to file it with New Jersey's Division of Revenue. Note that you should keep the operating agreement details confidential in your company. New Jersey Operating Agreements | Trust & LLC Attorney wyomingllcattorney.com ? Blog ? New-Jersey-Op... wyomingllcattorney.com ? Blog ? New-Jersey-Op...