Limited Liability Company Operating Agreement
A Limited Liability Company Operating Agreement (LLC operating agreement) is the agreement between the members of a limited liability company that govern the operation of a limited liability company. The limited liability operating agreement for a limited liability company should specify a number of different issues including: the voting right of the members of the LLC, how meeting of the members of the LLC are called, as well as provisions for how those meetings are held.
In addition, the operating agreement of an LLC should provide a schedule of the the contributions of capital to the limited liability company, how capital accounts should be maintained, and the allocation of profit and losses among the llc members and how the managers will run the company. Further the operating agreement should set out tax allocation among the members of the limited liability company.
Further the limited liability operating agreement of the limited liability company should spell out the powers of the members, the managers and the managing member if any. Likewise, the limited liability company operating agreement it should spell out the how the llc records will be maintained and any management fees that the manager is entitled to. Finally the operating agreement of the limited liability company should set out the process for the orderly dissolution and wind of the limited liability company.
For more information on limited liability company operating agreements please contact Antonoplos & Associates at 202-803-5676 or on the web at www.Antonlegal.com.