Protecting your Single or Multi Member LLC - Operating Agreement
What every LLC needs to protect and govern their LLC.
This operating agreement template is how you govern your LLC, whether you are a single member or a multimember LLC, an operating agreement outlines these things:
- Who can manage your business ( managing members)
- How much capital was used to start your business
- What percentage that each member of the LLC owns and receives on payouts. Remember if you are a minority owned, women, veteran owned business, you would need to maintain 51 percent of ownership.
- If you have children you can put their names as members of your LLC ( varies by state ) Keep in mind there are federal and state child labor laws. Their are limitations based on the type of work children under 18 are allowed to do. The IRS governs the do's and don't of an LLC, so be sure to follow the IRS's policies.
- Roles and responsibility of each member in the company
- What percentage of profits each member is set to receive & payouts
- Who can withdraw money from the business bank account and who cannot.
Please note: This operating agreement does not constitute as legal advice. Please check your state laws on operating an single or multi member LLC.
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This is not legal advice.
This is for informational purposes only
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Access to 2 templates that you can download, customize and fill in based on your business needs to help govern your operations of your LLC.