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Operating Agreement for States who have Adopted the Uniform Limited...

Hennepin Minnesota Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act

Name: Hennepin Minnesota Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
Brand: US Legal Forms
Rating: 4.83 (360 reviews)

Category:

Limited Liability Company - Operating Agreements

State:

Multi-State

County:

Hennepin

Control #:

US-01931BG

Format:

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.

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FAQ

An LLC operating agreement is not required in Minnesota, but is highly advisable. This is an internal document that establishes how your LLC will be run. It sets out the rights and responsibilities of the members and managers, including how the LLC will be managed.

Massachusetts does not require an operating agreement in order to form an LLC, but executing one is highly advisable. . . An operating agreement is the basic written agreement between the members (i.e., owners) of the LLC, or between the members and the managers of the company, if there are managers.

The Revised Uniform Limited Liability Company Act (RULLCA), a revision of the 1996 act, permits the formation of limited liability companies (LLCs), which provide the owners with the dual advantages of corporate-type limited liability and partnership tax treatment.

On September 19, 2012, Governor Christie signed the Revised Uniform Limited Liability Company Act, which will become effective 180 days thereafter, on March 18, 2013, for limited liability companies (LLCs) formed after that date.

An operating agreement is a key business document that shows your business operates like a legit company. Without the operating agreement, your state might not acknowledge you as an LLC, and which means someone could sue to go after you without there being any shield to protect your personal assets.

Massachusetts does not require an SMLLC to have an operating agreement. However, even though an SMLLC has just one member, an operating agreement is highly recommended. An SMLLC operating agreement does not need to be filed with the state.

Even though most states don't require it, you should create an operating agreement while setting up your LLC. This is an internal document that establishes how your LLC will be run, including how the LLC will be managed. In the absence of an operating agreement, state law will govern how your LLC operates.

It has been enacted in 19 U.S. jurisdictions: Alabama, Arizona, California, Connecticut, the District of Columbia, Florida, Idaho, Illinois, Iowa, Minnesota, Nebraska, New Jersey, North Dakota, Pennsylvania, South Dakota, Utah, Vermont, Washington, and Wyoming.

History. The first state to enact a law authorizing the creation of limited liability companies was Wyoming in 1977. The law was a project of the Hamilton Brothers Oil Company, which sought to organize its business in the United States with liability and tax advantages similar to those it had obtained in Panama.

Hennepin Minnesota Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act

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