Massachusetts Sub-Operating Agreement
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How to fill out Sub-Operating Agreement?
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FAQ
Massachusetts does not require you to submit an Operating Agreement to form your LLC.
An operating agreement should include the following: Percentage of members' ownership. Meeting provisions and voting rights. Powers and duties of members and management. Distribution of profits and losses. Tax treatment preference. A liability statement. Management structure. Operating procedures.
The good news is that you're free to write your operating agreement in any way that you wish. There aren't any legal requirements regarding what you must include in the agreement. Drafting the best operating agreement for your LLC simply means tailoring it to your business's specific needs.
Adding a member to a Massachusetts LLC You may also run multiple businesses under one LLC by registering DBAs (?doing business as?) or operating under one LLC name. One LLC could be a member of another LLC and be the owner of a single-member LLC. An LLC can have as many members as it needs to.
The operating agreement will also address what happens in the event of a dissolution and how the assets should be distributed. Another important part of the Operating Agreement is the provision that describes how profit is distributed to the members.
The document that most states call an operating agreement or an LLC agreement is called a company agreement under the Texas Limited Liability Company law. These three terms?company agreement, operating agreement, and LLC agreement?are synonyms.
How to Form a Single-Member LLC in Massachusetts Name Your SMLLC. Massachusetts, like other states, has business naming requirements. ... File a Certificate of Organization. ... Prepare an Operating Agreement. ... Do You Need an EIN? ... Register With the Department of Revenue. ... Obtain Business Licenses. ... File Your Annual Report.
An LLC operating agreement should contain provisions to cover: Basic information about the LLC. ... A profit and loss allocation plan. ... The LLC's purpose. The management structure. ... Ownership percentages of each member. ... Voting rights and procedures. ... Meeting frequency. Procedures for bringing in new members.