Mississippi Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares

State:
Multi-State
Control #:
US-0688-WG
Format:
Word; 
Rich Text
Instant download

Description

A Limited Liability Company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. There is no tax on the LLC entity itself. The members are not personally liable for the debts and obligations of the entity like partners would be. Basically, an LLC combines the tax advantages of a partnership with the limited liability feature of a corporation.


An LLC is formed by filing articles of organization with the secretary of state in the same type manner that articles of incorporation are filed. The articles must contain the name, purpose, duration, registered agent, and principle office of the LLC. The name of the LLC must contain the words Limited Liability Company or LLC. An LLC is a separate legal entity like a corporation.


Management of an LLC is vested in its members. An operating agreement is executed by the members and operates much the same way a partnership agreement operates. Profits and losses are shared according to the terms of the operating agreement.

Free preview
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares

How to fill out Sample Limited Liability Company LLC Operating Agreement With Capital Contributions Determining Interest Shares?

US Legal Forms - one of the largest collections of legal documents in the United States - offers a selection of legal document templates that you can download or print.

By utilizing the website, you can access thousands of templates for business and personal purposes, organized by categories, jurisdictions, or keywords.

You can find the latest versions of documents such as the Mississippi Sample Limited Liability Company LLC Operating Agreement with Capital Contributions defining interest shares in a matter of minutes.

If the form does not meet your needs, use the Search feature at the top of the screen to find one that does.

If you are satisfied with the form, confirm your choice by clicking the Get now button. Then, select the pricing plan you prefer and provide your credentials to register for an account.

  1. If you already have an account, Log In and download the Mississippi Sample Limited Liability Company LLC Operating Agreement with Capital Contributions defining interest shares from the US Legal Forms library.
  2. The Download button will appear on each form you view.
  3. You can access all previously downloaded documents in the My documents section of your account.
  4. To use US Legal Forms for the first time, here are simple instructions to get you started.
  5. Ensure you have selected the correct form for the city/region.
  6. Click the Review button to examine the form's content.

Form popularity

FAQ

You do not enter capital contributed to an LLC on your individual income tax return. That amount is an investment, not a current year expense.

How to Write an Operating Agreement Step by StepStep One: Determine Ownership Percentages.Step Two: Designate Rights, Responsibilities, and Compensation Details.Step Three: Define Terms of Joining or Leaving the LLC.Step Four: Create Dissolution Terms.Step Five: Insert a Severability Clause.

Prepare an Operating AgreementAn LLC operating agreement is not required in Mississippi, but is highly advisable. This is an internal document that establishes how your LLC will be run. It is not filed with the state.

Our LLC capital contribution agreement documents the following essential information:Name of each member making a contribution.The valuation of previous membership interests.Each member's previous percentage of LLC ownership.The date contributions are being made.The LLC name.The LLC date and state of formation.More items...

Most states do not require LLCs to have this document, so many LLCs choose not to draft one. While it may not be a requirement to have an operating agreement, it's actually in the best interest of an LLC to draft one. And by drafting it, I'm referring to creating a written operating agreement.

Get together with your co-owners and a lawyer, if you think you should (it's never a bad idea), and figure out what you want to cover in your agreement. Then, to create an LLC operating agreement yourself, all you need to do is answer a few simple questions and make sure everyone signs it to make it legal.

Calculating Contributed Capital Contributed capital is reported in the shareholder's equity section of the balance sheet and usually split into two different accounts: common stock and additional paid-in capital account.

How to Write an Operating Agreement Step by StepStep One: Determine Ownership Percentages.Step Two: Designate Rights, Responsibilities, and Compensation Details.Step Three: Define Terms of Joining or Leaving the LLC.Step Four: Create Dissolution Terms.Step Five: Insert a Severability Clause.

Accounting for LLC Capital ContributionsThe primary use of a capital account is to record the value of the member's percentage of ownership; if the LLC were to be dissolved, the amount in each member's capital account should reflect the amount that member would receive after all debts have been paid.

Note: Under the Internal Revenue Code, a capital contribution is generally excluded from a company's gross income, unless it is a loan from a shareholder that the company is released from repaying.

Trusted and secure by over 3 million people of the world’s leading companies

Mississippi Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares