Georgia Unit Operating Agreement
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How to fill out Unit Operating Agreement?
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FAQ
How Are Georgia LLCs Taxed? Members of Georgia LLCs pay state income tax and the federal self-employment tax of 15.3% (12.4% for social security and 2.9% for Medicare). Single-member LLCs (SMLLC) are taxed as sole proprietors (aka ?disregarded entities?) by default, whereas multi-member LLCs are taxed as partnerships.
Georgia doesn't have a general business license for LLCs, so there are no fees there. If your business has to get an occupational license or municipal (city or county) permit, the fees are hard to predict. Depending on your LLC's location, and what type of business or industry you're in, the fee varies.
Disadvantages Georgia LLCs taxed as corporations must pay an annual corporate tax and net worth tax. Georgia payroll taxes are relatively high compared to other states for LLCs with employees. LLCs require more paperwork than a sole proprietorship or general partnership.
If you own an LLC, every year it is in business you must file an annual registration with the Secretary of State's Georgia Corporations Division. The annual deadline is April 1, unless you already filed for the current year via a multi-year registration.
An operating agreement, also known in some states as a limited liability company (LLC) agreement, is a contract that describes how a business plans to operate. Think of it as a legal business plan that reads like a prenup.
A Georgia LLC Operating Agreement is a legal document that outlines how a Georgia LLC will be run. Georgia LLC Operating Agreements list all LLC owners (known as ?Members?), their contribution amounts, and their ownership interest percentages.
Georgia does not require any LLC to have an Operating Agreement. This applies to single-member and multi-member LLCs. You can still create your own for use in your company, however.
Under the default rules, every member of the LLC is an agent of the LLC and can conduct business on behalf of the LLC. In other words, each member has the authority to bind the LLC in ordinary business transactions, whether or not the member has the consent of the other members. See OCGA §14-11-301.