What exactly does the LLC Operating Agreement cover? In a word: Everything. The operating agreement is the reason for the unrivaled popularity of the Delaware LLC. It is the architect of the LLC's famous flexibility. It is the reason why maintaining and managing an LLC is easy. Company ownership, membership, management, day-to-day responsibilities and other items are all stipulated in the Operating Agreement.
First, the basics:
A secondary level may include more obscure, often overlooked items that can be addressed in the LLC Agreement:
Having an LLC agreement in place that covers everything, big and small, means you’re not shooting from the hip come crunch time.
For more information, please read our post on key items to include in your LLC Operating Agreement.
If you have any questions about forming your new Delaware LLC give Harvard Business Services, Inc. a call today. You can email us at email@example.com or call me directly at 800-345-2677 ext. 6133.
*Disclaimer*: Harvard Business Services, Inc. is neither a law firm nor an accounting firm and, even in cases where the author is an attorney, or a tax professional, nothing in this article constitutes legal or tax advice. This article provides general commentary on, and analysis of, the subject addressed. We strongly advise that you consult an attorney or tax professional to receive legal or tax guidance tailored to your specific circumstances. Any action taken or not taken based on this article is at your own risk. If an article cites or provides a link to third-party sources or websites, Harvard Business Services, Inc. is not responsible for and makes no representations regarding such source’s content or accuracy. Opinions expressed in this article do not necessarily reflect those of Harvard Business Services, Inc.