Operating agreement for a Limited Liability Corporation (LLC)
What is a limited liability corporation (LLC)?
A limited liability company (“LLC”) is defined as a business organization that shares the limited liability benefits of a corporation but the management and tax freedom of a partnership. LLCs are legal entities created only under state law. An operating agreement is an agreement among LLC Members governing the LLC’s business, and Member’s financial and managerial rights and duties. Many states in the United States require an LLC to have an Operating Agreement.
Do you need an attorney experienced with LLCs?
Starting a business entity is a difficult but potentially lucrative option. To understand the distinctions and rights that attach to your business and its organization, it is a good idea to discuss your ideas with an attorney. An attorney can help you incorporate your LLC, help you with the operating agreement, and explain the tax and organizational benefits of the limited liability structure.