LLC Operating Agreement
Business Formation
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About This Form
An LLC Operating Agreement is a legal document that outlines the ownership structure and operating procedures of a Limited Liability Company (LLC). It is crucial for defining the roles and responsibilities of members and managers, detailing the distribution of profits and losses, and establishing the rules for meetings and decision-making processes. This document helps protect the limited liability status of the company and can prevent misunderstandings among members.
When to Use This Form
- When forming a new LLC
- To clarify the roles and responsibilities of LLC members
- To establish clear rules for the operation of the LLC
- To protect the limited liability status of the company
- When adding new members to the LLC
Key Features
- Defines the ownership structure of the LLC
- Outlines the roles and responsibilities of members and managers
- Details the distribution of profits and losses
- Establishes rules for meetings and decision-making processes
- Helps protect the limited liability status of the company
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