An LLC operating agreement outlines the owners (members) of a company and how it will be run on a day-to-day basis.
Most will choose a broad description to not limit their business practices.
The state where it was created.
Principal Place of Business the primary location where its business is performed.
Also known as the "Formation Date" or when the LLC went into existence. This is commonly found on your Articles of Organization that was issued by the State after being filed.
Since a single-member was selected, there is only 1 owner of the LLC (owns 100%).
Members are owners of the LLC.
Capital contributions are cash or assets given to a company in exchange for ownership in the company. Depending on the contribution, it may be paid back to the Member before any profits are paid.
Be sure to describe the Item and its Value ($).
If the Capital Contribution is to be paid back to the Member, it will be paid before any profits are distributed.
Enter the Member's Name that will be making a Capital Contribution.
Be sure to describe the item being contributed and its value ($).
If Yes, the Capital Contribution is to be paid back to the Member before any profits are distributed.
If No, the Capital Contribution will be viewed as a payment for the Member's ownership interest in the LLC.
If No, the Capital Contribution will be viewed as payment for the Member's ownership interest in the LLC.
A Registered Agent is a business or individual designated to receive service of process when a business entity is a party in a legal action such as a lawsuit or summons.
It is recommended, although not required, for the Registered Agent to be the Single-Member's attorney.
Download: IRS Form 8832
This is to assign or transfer their ownership percentage (%) to someone within or outside the LLC.
This is NOT to sell the Members' ownership-interest.
Member Withdrawal is when an owner wants to leave an LLC and give up their ownership, that Member gives notice to the LLC.
If No, the Operating Agreement will serve as the evidence for each Member's ownership interest.
This can be changed at any time after the operating agreement is finalized.
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