This sample Operating Agreement describes the rules by which the Members agree to govern the company. Modify to suit your needs.
Indianapolis Indiana Sample Operating Agreement for Professional Limited Liability Company PLLC
State:
Indiana
City:
Indianapolis
Control #:
IN-PLLC-1
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Indiana Sample Operating Agreement For Professional Limited Liability Company PLLC?
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FAQ
Indiana professional corporations (PCs) are owned and operated by licensed professionals. Only those who perform services that require a state license may form a PC in Indiana.
In addition to articles of organization, Missouri statute requires all limited liability companies to have an operating agreement.
Indiana allows professionals, such as accountants, attorneys, and physicians, to form an LLC. Indiana's statutes do not provide for a professional limited liability company (PLLC).
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.
An Indiana operating agreement is a legally binding contract between members that establishes the rules and procedures for your LLC. The operating agreement determines how your LLC will handle key procedures like voting, transferring membership interest, allocating profits and losses, and dissolving the business.
A professional limited liability company (?PLLC?) is simply an LLC for businesses involving professional services.
As a licensed professional in Illinois you can structure your business as an Illinois professional limited liability company (PLLC). This will give you protection from several important types of liability. It also may provide certain tax advantages compared to other ways of structuring your business.
Professional Limited Liability Companies With an LLC, anyone can be a member, or owner, of the business. State PLLC laws often provide that only licensed professionals can be members, or that a certain number of members must be licensed professionals.
Although not required by law, an LLC should operate under an Operating Agreement which is like a Partnership Agreement.
Prepare an Operating Agreement An LLC operating agreement is not required in Illinois, but is highly recommended. This is an internal document that establishes how you will run your LLC. It sets out the rights and responsibilities of the members and managers, including how the LLC will be managed.