Georgia Resolution of Meeting of LLC Members to Specify Amount of Annual Disbursements to Members of the Company: In the state of Georgia, an LLC (Limited Liability Company) is a popular business entity that provides owners with limited liability protection while allowing flexibility in management and taxation. A critical aspect of an LLC's operation is determining the amount of annual disbursements or distributions that will be allocated to its members. To establish this, LLC members can pass a resolution during a meeting to specify the amount of annual disbursements. Keywords: Georgia LLC, meeting resolution, annual disbursements, LLC members, company members, distribution, members' allocation, Limited Liability Company. Types of Georgia Resolutions of Meeting of LLC Members to Specify Amount of Annual Disbursements (If applicable): 1. Unanimous consent resolution: In this type of resolution, all LLC members must agree and provide their consent to specify the amount of annual disbursements. This is the most common type of resolution used by LCS in Georgia, requiring the unanimous agreement of the members. 2. Majority consent resolution: In some cases, an LLC may have many members, making it difficult to obtain unanimous consent. In such situations, a majority of consent resolution can be adopted, requiring the agreement of a specified majority (such as 50% + 1) of the members to determine the amount of annual disbursements. 3. Written resolution: LLC members can also pass a resolution in writing rather than during a physical meeting. This allows for greater convenience and flexibility. The written resolution must be signed by all members and kept as a legal record of the decision regarding the amount of annual disbursements. 4. Special resolution: In certain circumstances, an LLC may need to pass a special resolution to specify the amount of annual disbursements. A special resolution typically requires a higher majority of members' votes, such as two-thirds or three-quarters, depending on the specific requirements set forth in the LLC's operating agreement or Georgia state regulations. 5. Amended resolution: If the initial resolution regarding the amount of annual disbursements proves to be insufficient or needs to be adjusted, an LLC can pass an amended resolution. This allows the LLC members to modify the disbursement amount, taking into account any new information or changes in the business's financial situation. It's important for an LLC to follow the proper legal procedures when passing a resolution to specify the amount of annual disbursements. Consulting with an attorney or legal professional familiar with Georgia LLC laws can ensure that the resolution is drafted correctly and complies with all applicable regulations.
Georgia Resolution of Meeting of LLC Members to Specify Amount of Annual Disbursements to Members of the Company
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