A Perfect Operating Agreement in 2 Easy Steps:

1. Answer a number of
simple multiple choice questions

2. View your customized Operating Agreement

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Create Your LLC Operating Agreement Checklist

1. Decide a name for your LLC
2. Principal Office
3. Registered Agent/Office
4. Initial members
5. Decide the ownership interests of each member
6. Decide the amount of capital each member will contribute.
7. Will any members be granted an interest solely for the performance of services?


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CREATE YOUR LLC OPERATING AGREEMENT CHECKLIST

The following checklist is provided to ensure that you and your co-owners cover the important issues that should be addressed in the Operating Agreement.
1. Decide a name for your LLC
2. Principal Office
3. Registered Agent/Office
4. Initial members
5. Decide the ownership interests of each member
6. Decide the amount of capital each member will contribute.
7. Will any members be granted an interest solely for the performance of services?
8. Will the members face penalties for failing to make their capital contributions?
9. Decide how cash be distributed to the members (pro rata, return of capital then pro rata, preferred return, return of capital, then pro rata)
10. Will tax distributions be made to the members?
11. Procedures for admitting new members
12. Decide who will manage the LLC (one manager or a group of managers)
13. Decide under what circumstances a manager may be removed or resign
14. Will any of the members be employed by the LLC?
15. Decide how LLC decisions are to be made (i.e. voting)
16. Decide the rights, duties, and liabilities of the members and managers
17. Decide under what circumstances members may transfer their interest to a third party
18. Decide whether there will be buy sell provisions (right of first refusal, tag-along/drag-along rights)
19. Decide what will happen upon the death or disability of a member
20. Decide who will serve as the tax matters partner
21. Decide under what circumstances may the LLC be dissolved and terminated
22. Decide under what circumstances the Operating Agreement may be amended
23. Arbitration vs. Court of law
24. Decide whether the members will be subject to a confidentiality restriction
25. Decide whether the members will be subject to a non-competition restriction
26. Decide the state law which will govern the LLC
27. Make sure all members sign the Operating Agreement
28. Store your Operating Agreement safely.
29. Amend your Operating Agreement when required
 

 
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