Pennsylvania Operating Agreement Summary
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How to fill out Operating Agreement Summary?
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FAQ
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.
Pennsylvania LLC Name Requirements & Restrictions You must use a proper designator at the end of your LLC name. You cannot make it sound like your LLC is a Corporation. Your LLC name must be unique in the state. Your LLC name cannot be confusingly similar to an existing company in the state.
To protect the business' limited liability status: Operating agreements give members protection from personal liability to the LLC. Without this specific formality, your LLC can closely resemble a sole proprietorship or partnership, jeopardizing your personal liability.
The only fee to register an LLC in Pennsylvania is $125 at initial registration. Then, every 10 years your business will be required to submit a decennial report with a registration fee of $70. If you are not yet ready to file your LLC, Pennsylvania offers a name reservation option.
In order to operate, LLCs require real humans (and other entities) to carry out company operations. Though it's not required by Pennsylvania law, any good lawyer will recommend having a written operating agreement for your LLC.
Prepare and file with Pennsylvania The Docketing Statement is a data entry form that the Department of State sends to other state agencies upon the filing. Pennsylvania does not require you to submit an Operating Agreement to form your LLC.
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.
File Your Decennial Report While most states require LLCs to file a report every year, Pennsylvania only requires annual reporting for restricted and benefit LLCs. Restricted LLCs must file an Annual Registration Statement, while benefit LLCs file an Annual Benefit Report.