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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 firstname.lastname@example.org or call me directly at 800-345-2677 ext. 6133.
THE AUTHOR OF THIS BLOG ARTICLE IS NOT A LAWYER AND HARVARD BUSINESS SERVICES, INC. IS NOT A LAW FIRM. THE ARTICLE ABOVE IS NOT INTENDED AS LEGAL ADVICE AND SHOULD NOT BE TAKEN AS LEGAL ADVICE. THIS SHORT ARTICLE IS STRICTLY TO MENTION SOME ASPECTS OF DELAWARE'S CORPORATION LAWS AND/OR LAWS RELATING TO OTHER FORMS OF ENTITIES WHICH YOU MAY NOT BE FAMILIAR WITH. WE RECOMMEND THAT YOU CONSULT WITH A LAWYER BEFORE FORMULATING A STRATEGY WHICH WILL BE SUITABLE FOR YOUR SPECIFIC CASE.