![]() ![]() Dissolution: Lays out the process for dissolving the LLC, including who makes the decision, how assets are distributed, and the obligations for final tax returns and legal notifications.Įvery business is unique, so LLC operating agreements should be tailored to meet the structure and needs of each limited liability company.Membership Changes: Provides rules for adding or removing members, transferring ownership shares, or what happens in the event of a member's death or incapacity.Distributions: Explains how the company's profits and losses will be allocated among the members and how and when members will receive profit distributions.Capital Contributions: Describes the amount of money or resources each member has contributed to the LLC and outlines procedures for future capital contributions if required.Management and Voting: This details how the LLC will be managed (i.e., member-managed or manager-managed), as well as how voting rights will be determined (e.g., how many votes each member gets, whether votes are decided by a majority or unanimously, etc.).Organizational Structure: This section outlines the initial members or owners of the LLC, their ownership percentages, and how much they initially invested in the company.There are six main articles of an operating agreement:
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