Llc Operating Agreement Georgia With Multiple Classes

State:
Georgia
Control #:
GA-00LLC-1
Format:
Word; 
Rich Text
Instant download

Description

This Operating Agreement is used in the formation of any Limited Liability Company. You make changes to fit your needs and add description of your business. Approximately 10 pages. It allows for eventual adding of new Members to LLC.

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  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement

How to fill out Georgia Limited Liability Company LLC Operating Agreement?

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FAQ

Does an LLC Have Classes of Stock? LLCs do not have stock, but ownership units that the Operating Agreement usually calls membership units. An LLC can have more than one class of members. Different classes may have different rights.

It is possible to have multiple classes of equity in an LLC. In a real estate LLC, for example, you may have an actively managing member and other passive participants. The managing member may have more voting rights than the passive members.

Georgia does not require LLCs to have operating agreements, but it is highly advisable to have one. An operating agreement will help protect your limited liability status, prevent financial and managerial misunderstandings, and ensure that you decide on the rules governing your business instead of state law by default.

Most LLC operating agreements are short and sweet, and they typically address the following five points:Percent of Ownership/How You'll Distribute Profits.Your LLC's Management Structure/Members' Roles And Responsibilities.How You'll Make Decisions.What Happens If A Member Wants Out.More items...?

The multi-member LLC is a Limited Liability Company with more than one owner. It is a separate legal entity from its owners, but not a separate tax entity. A business with multiple owners operates as a general partnership, by default, unless registered with the state as an LLC or corporation.

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More info

This form is an Operating Agreement for a member-managed limited liability company with multiple classes of members in Delaware. Many owners of single or multiplemember LLCs elect S corporation tax status for the LLC once formed.A comprehensive operating agreement ensures that all business owners are on the same page and reduces the risk of future conflict. This contract, called an operating agreement, is the centerpiece of each LLC. A Georgia Operating Agreement creates the policies and procedures for your LLC. Our free, attorney-drafted templates can get you started. The multimember LLC is a Limited Liability Company with more than one owner. Congratulations! You have decided to form a limited liability company (LLC) to run your business. Your LLC operating agreement is an important document that will help you figure out management structure and responsibilities.

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Llc Operating Agreement Georgia With Multiple Classes