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Frequently Asked Questions

What information should be recorded in an LLC Operating Agreement?

An LLC Operating Agreement is a crucial document that outlines the operational procedures and guidelines of a Limited Liability Company. It should record a wide range of information about the LLC to ensure smooth operations and prevent potential disputes. Key details that should be included in an LLC Operating Agreement are the LLC’s name and address, management type, certificate of formation, registered agent and office information, ownership percentage, term of duration, member’s voting rights, and procedures in case a member dies. The agreement should also specify the LLC’s business purpose, initial contribution, powers of the members and/or manager, management fees, distribution of losses and profits, company operation procedures, addition of new members, record maintenance, financial and accounting procedures, dispute resolution methods, meeting schedules, contract signing authority, and policies regarding a member leaving the LLC or competing against it. The Operating Agreement should also include specific clauses detailing the LLC's name, registered office address, members' names and addresses, term of duration, and purpose. Other important clauses may pertain to the registered agent address, management structure, organizational structure, and financial arrangements.

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