Broward Florida Sample Limited Liability Company LLC Operating Agreement with company assets divided into ownership shares

State:
Multi-State
County:
Broward
Control #:
US-0689-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
  • Form preview
  • Form preview
  • Form preview
  • Form preview
  • Form preview
  • Form preview
  • Form preview
  • Form preview
  • Form preview
  • Form preview

How to fill out Broward Florida Sample Limited Liability Company LLC Operating Agreement With Company Assets Divided Into Ownership Shares?

Preparing legal documentation can be difficult. Besides, if you decide to ask a legal professional to write a commercial contract, documents for proprietorship transfer, pre-marital agreement, divorce paperwork, or the Broward Sample Limited Liability Company LLC Operating Agreement with company assets divided into ownership shares, it may cost you a lot of money. So what is the best way to save time and money and draw up legitimate forms in total compliance with your state and local laws? US Legal Forms is a perfect solution, whether you're searching for templates for your personal or business needs.

US Legal Forms is biggest online catalog of state-specific legal documents, providing users with the up-to-date and professionally checked templates for any scenario collected all in one place. Therefore, if you need the recent version of the Broward Sample Limited Liability Company LLC Operating Agreement with company assets divided into ownership shares, you can easily locate it on our platform. Obtaining the papers takes a minimum of time. Those who already have an account should check their subscription to be valid, log in, and pick the sample with the Download button. If you haven't subscribed yet, here's how you can get the Broward Sample Limited Liability Company LLC Operating Agreement with company assets divided into ownership shares:

  1. Glance through the page and verify there is a sample for your region.
  2. Examine the form description and use the Preview option, if available, to make sure it's the template you need.
  3. Don't worry if the form doesn't satisfy your requirements - look for the right one in the header.
  4. Click Buy Now when you find the needed sample and select the best suitable subscription.
  5. Log in or register for an account to purchase your subscription.
  6. Make a transaction with a credit card or via PayPal.
  7. Choose the document format for your Broward Sample Limited Liability Company LLC Operating Agreement with company assets divided into ownership shares and save it.

When finished, you can print it out and complete it on paper or import the template to an online editor for a faster and more practical fill-out. US Legal Forms allows you to use all the documents ever obtained multiple times - you can find your templates in the My Forms tab in your profile. Give it a try now!

Form popularity

FAQ

What Is an LLC Operating Agreement in Florida? An LLC operating agreement is a contract between owners, or members, of a Florida LLC that regulates, among other things, members' contributions of money to the LLC, distributions of LLC profits, and how decisions are made within the LLC.

Divide ownership of the LLC by calculating total cash investment by the members. Give each member an ownership stake equal to his cash investment. Four members contributing $25,000 apiece would each receive a 25 percent stake in the company.

Overriding State Default Rules Many states, for example, have a default rule that requires owners to divide up LLC profits and losses equally, regardless of each member's investment in the business.

LLCs have no limit on the number of members and the ownership of each member can be entirely different from another member. For example, one member might have 5% ownership in the LLC, whereas another member could have 45% ownership in the LLC.

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.

Florida doesn't require that you have an Operating Agreement for your Limited Liability Company (LLC), but it is recommended that you have one. When setting up your company, it's beneficial to seek legal advice from a Florida LLC Business litigation attorney.

If you do choose to draft an LLC Operating Agreement for your Florida LLC, there is no requirement for it to be notarized. You can simply print out the agreement, have all members sign it, give a copy to all members, and keep an additional copy on file.

Uncommon to most, your ownership in the LLC is actually split up into two parts: (1) transferable interest and (2) nontransferable interest.

What should an LLC operating agreement include? Basic company information. Member and manager information. Additional provisions. Protect your LLC status. Customize the division of business profits. Prevent conflicts among owners. Customize your governing rules. Clarify the business's future.

In a partnership LLC, profits are split annually at the end of the company's fiscal year. Splitting up profits between members is called an allocation. Profits and losses are allocated by default in the same ratio as each member's ownership interest.

More info

Evaluating companies operating in the global air transportation sector. There are other ways to split ownership, of course.SHAREHOLDERS' EQUITY (Chapter 13).

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

Broward Florida Sample Limited Liability Company LLC Operating Agreement with company assets divided into ownership shares