Why You Need an LLC Operating Agreement

- Protecting the business’ limited liability status
- Clarifying verbal agreements
- Protecting your agreement in the eyes of the states
- Whether the company is managed by members or managers
- The classes or groups of members and their rights, benefits, and responsibilities
- Voting structure for company decisions, including percentage of members’ ownership
- Allocation of income and losses among the members
- How and when to hold meetings
- Tax elections for the company
- Restrictions on transfer of membership interests
- Buyout and rules for succession planning in the event a member leaves or dies
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