If your business has multiple owners, then you will need either a member-managed LLC operating agreement or a manager-managed LLC operating agreement. If you are the sole owner of your business, then you need an operating agreement for a single-member LLC. The contents of an LLC operating agreement differ depending on the number of owners in your LLC. This means that they are stored by the LLC owners and members and don’t need to be sent to the state or any other type of government agency. LLC operating agreements are an internal document. This agreement allows you to set out the financial and working relations among business owners ("members") and between members and managers. An LLC operating agreement, known in some states as an LLC company agreement or limited liability company agreement, is a legal document that outlines the ownership and member duties of your limited liability company.
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