The formation of a limited liability company (LLC), often known as a “limited liability corporation,” is a suitable option to consider when looking for a long or short business structure that provides increased personal protection while maintaining a lower level of formality. No matter how your company is organized, you will be required to complete certain documents, such as an operating agreement.

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1. Blank Operating Agreement Template

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2. Amendment To Operating Agreement Template

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3. Limited Liability Company Operating Agreement

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Size: 235 KB

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4. Operating Agreement For Single Member

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5. Amended and Restated Operating Agreement

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6. Operating Agreement Template

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7. Operating Agreement For Member Managed Limited Liability Company

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8. Multi-Member Operating Agreement

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9. Basic Operating Agreement

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10. Statement in Lieu of Operating Agreement

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11. Short-Form Operating Agreement

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12. Standard Operating Agreement

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13. Sample Operating Agreement Template

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14. Final Limited Liability Company Operating Agreement

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15. Professional Limited Liability Company Operating Agreement

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16. Draft Operating Agreement

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17. Seventh Amended and Restated Operating Agreement

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18. Sole Member Operating Agreement

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19. Formal Operating Agreement

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20. Interlocal Operating Agreement

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21. Operating Agreement in PDF

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22. Family Farm Operating Agreement

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23. Palace Operating Agreement

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24. Water Resources Improvement Trust Operating Agreement

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Size: 59 KB

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25. Operating Agreement For Community

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Size: 390 KB

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26. Multi-Party Limited Liability Company Operating Agreement

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Size: 591 KB

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27. Generator Interconnection and Operating Agreement

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Size: 190 KB

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28. Clinical Enterprises Operating Agreement

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Size: 139 KB

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29. LLC Operating Agreement Checklist

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30. University Operating Agreement

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31. Amended and Restated Operating Agreement of Investors Exchange

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Size: 328 KB

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32. Food Truck Operating Agreement

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Size: 194 KB

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33. Fourth Amended and Restated Limited Liability Company Operating Agreement

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Size: 3 MB

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34. Simple Operating Agreement

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Size: 173 KB

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35. Operating Agreement Example

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36. Printable Operating Agreement

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37. Interconnection and Parallel Operating Agreement

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38. Hotel Operating Agreement

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39. Operating Agreement Format

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40. Operating Agreement and Articles of Organization

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41. Master Operating Agreement

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42. Operating Agreement Outline

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43. Operating Agreement For Third Party

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Size: 576 KB

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44. Confidential Operating Agreement

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Size: 99 KB

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45. Source Specific Operating Agreement

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Size: 70 KB

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46. Disability Leasing Model Operating Agreement

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Size: 13 KB

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47. Operating Level Agreement

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Size: 100 KB

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48. Joint Operating Agreement

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Size: 67 KB

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49. Electric System Operating Agreement

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Size: 17 KB

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50. Operating Agreement

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Size: 14 KB

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51. Operating Agreement in DOC

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What Is an Operating Agreement?

An operating agreement is a legally binding contract. It is used by limited liability corporations (LLCs) to establish the company’s management roadmap, firm ownership, and organizational analysis. When a business is structured as a multi-member LLC, the company’s operating agreement transforms into a legally binding contract between the various company business members. The operating agreement can also name the purchasing agent, give specifics such as when meetings are held, pick general managers, and explain how the company can add or drop members. In addition, it can clarify ownership and structure. In other words, the operating agreement lays out the operational plan and financial investments that the business will make. The conditions of the agreement are binding on the members of the LLC as soon as they have signed it.

How To Make an Operating Agreement?

If a company does not have an operating agreement in place, the state’s predetermined default regulations will be implemented. If, on the other hand, you are interested in making one, you can get started by reading the steps that are listed below.

1. Members’ Percentage of Ownership

To get a firm off the ground and functioning, the owners of that company will typically make contributions of services, cash, or property. In most cases, they are awarded a share of ownership in the company that is proportionate to the amount of capital they provided when the business was first started. Having said that, members are free to share ownership however they see fit in whatever way they see fit.

2. Shares in the Distribution

The term “distributive shares” refers to the division of earnings and losses among shareholders. The distribution of distributive shares is typically determined by the operational agreements in the same manner as the ownership percentages. For instance, if you own 25 percent of a company, you would be entitled to 25 percent of both the profits and the losses. Nevertheless, you are not obligated to stick to this guideline.

3. Allocation of Profits and Losses

In addition to this, your operating agreement needs to establish in a crystal clear manner how much of the profit that has been allocated should be given to members on an annual basis. It should also answer the question of whether or not the members can expect the firm to pay them enough to cover the cost of the income taxes that they would due on the profits of the business.

4. Transitions in Ownership

It is important to have a plan that is clearly articulated in the operating agreement for how you will handle situations if one of the members decides to retire, passes away, or wants to sell their interest in the company. This plan should address how you will handle the situation if any of these things occur. If a member decides to leave for any reason, the regulations outlined in your operating agreement should address what will take next.

Can an LLC Operating Agreement Be Amended?

The answer is yes, operating agreements for LLCs can typically be modified, but the processes for doing so will differ from case to case.

Is a written operating agreement required in the state of Oregon?

An Operating Agreement is not a legally required document for a Limited Liability Company (LLC) in Oregon.

Is a written operating agreement necessary in North Carolina?

Although signing an operating agreement before forming a limited liability company (LLC) in North Carolina is not mandatory, doing so is strongly recommended.

Operating agreements shield members of an LLC from taking personal responsibility for business obligations. Without this particular bit of formality, your limited liability company might look a lot like a sole proprietorship or a partnership, which would put your personal assets at risk.

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