Operating Agreement Template
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Description Co Ownership Agreement Sample
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.
How To Fill Out Llc Operating Agreement?
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Limited Liability Company Form FAQ
How do I change the percentage of ownership in an LLC?
How do LLCS divide profits?
Can you make your own operating agreement?
How is LLC ownership divided?
How do I fill out an LLC operating agreement?
Can there be 2 owners in an LLC?
How do I write an operating agreement for an LLC?
How do you split ownership in an LLC?
Do all members of an LLC have to sign the operating agreement?
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