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Sample Limited Liability Company LLC Operating Agreement with company...

Ohio Sample Limited Liability Company LLC Operating Agreement with company assets divided into ownership shares

Category:

Limited Liability Company - Operating Agreements

State:

Multi-State

Control #:

US-0689-WG

Format:

Instant download

Description

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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FAQ

Unlike S corporations that must base their distribution calculations on the number of shares per person, LLCs can use alternative criteria to distribute LLC assets during dissolution. Membership interest of LLC owners can be transferred from person to person.

An LLC may be owned by one person or many. It can also be owned by virtually any other organization, such as a corporation, another LLC, or a holding company. There are no restrictions on the number of members an LLC may have or their country of citizenship.

An Ohio LLC operating agreement is a legal document that would be used by any sized business that would like to establish the policies, standard operating procedures, member relations, and more, pertaining to their business.

Get together with your co-owners and a lawyer, if you think you should (it's never a bad idea), and figure out what you want to cover in your agreement. Then, to create an LLC operating agreement yourself, all you need to do is answer a few simple questions and make sure everyone signs it to make it legal.

In most cases, the company will divide profits and losses based on ownership interests. A partner will receive shares of profits and losses depending on their financial contribution. For example, partner A has a 50% membership stake. Meanwhile, partner B has 30%, and partner C holds 20%.

Ohio does not require an operating agreement in order to form an LLC, but executing one is highly advisable.

Every Ohio LLC owner should have an operating agreement in place to protect the operations of their business. While not legally required by the state, having an operating agreement will set clear rules and expectations for your LLC while establishing your credibility as a legal entity.

With an LLC, you probably won't need to file updated paperwork with your state, but that depends on whether or not your original incorporation paperwork included the names and ownership percentages of your partners. If it does, you'll need to fill out an amendment with the new names and percentages.

A limited liability company (LLC) cannot issue shares of stock. An LLC is a business entity structured to have either a single or multiple owners, who are referred to as the LLC's members.

Members usually receive ownership percentages in proportion to their contributions of capital, but LLC members are free to divide up ownership in any way they wish. These contributions and percentage interests are an important part of your operating agreement.

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