Some documents necessary for running a successful LLC are not required to be filed with the Secretary of State; however, there are some states that may require that companies have these documents on file internally. One such document is an operating agreement which outlines company specific rules for doing business. Operating agreements provide an official record that outlines how the LLC may or may not conduct business and the rules and regulations to which the company must adhere. Drafted by members of the LLC, operating agreements should also include the following information:
- How officers are elected and their powers and duties
- How members are to be added or removed
- Annual meeting locations and times (an LLC may choose to hold annual meetings, but it is not required by law)
- Percentage of capital contribution and percentage of ownership of members
- Defines the entitlements, rights and powers of each member and manager within the LLC.
- Financial provisions and provisions for taxes, capital and dissolution
- The procedures for bringing in more members or for the transfer of ownership interests
The Importance of Operating Agreements
Operating agreements are important because they ensure that the company operates according to the vision of the LLC’s members and managers. Even though it is not required for LLC’s, an operating agreement should be on file to protect the integrity of the business.
At DoMyLLC, our qualified representatives provide outstanding personal care by staying informed on new business trends, keeping up-to-date on compliance rules and making sure your business paperwork is completed and filed properly. Competitive pricing along with a price match guarantee makes our services extremely affordable for both new and existing business. All of our services are 100 percent satisfaction guaranteed, and live support is available online or by phone to assist business owners in making sure their company operates according to their values and wishes.
Customized Support Tailored For You
Depending on the state, failing to file an initial report may result in fines ranging from $10 to $250, company placement as inactive or in bad standing, revocation of incorporation status or dissolution of the company. In case of the latter, companies must resubmit incorporation documents and repay incorporation fees.
With the personal care of expert representatives, DoMyLLC will make sure your initial reports meet all state requirements and are filed on time. Live support allows you to speak with an actual person who will address any questions or concerns. Our competitive prices, price match guarantee and 100 percent satisfaction guarantee ensure you receive quality products and services.
Hassle Free Process
Creating compliant business documentation, whether it be for official state filing or internal purposes, can be time consuming and frustrating, especially when forming a new business. The experts at DoMyLLC take information you provide and complete a quality, compliant operating agreement based on that information. We use an easy, two-step process where you simply place your order then receive both e-mail and hard copies of your custom designed operating agreement.