An LLC operating agreement is a legal document that outlines the rules and procedures for a limited liability company, including the rights and responsibilities of the members, the management structure, and the distribution of profits and losses. It is an important tool for establishing the governance and operations of an LLC, and can help to protect the rights and interests of the members.
In general, an LLC operating agreement should include the following information:
- The name and purpose of the LLC
- The names and contact information of the members
- The ownership and management structure of the LLC, including the percentage of ownership of each member and the roles and responsibilities of the members and managers
- The rules for meetings and decision-making, including the voting rights of the members
- The procedures for admitting new members and transferring ownership interests
- The distribution of profits and losses among the members
- The terms for dissolving the LLC and winding up its affairs.
It is important to consult with an attorney when drafting an LLC operating agreement to ensure that it is legally-compliant and properly protects the rights and interests of the members. An attorney can help you with the process and provide you with advice on how to best structure your LLC and its operations.