In Missouri, a limited liability company needs an operating agreement. This document outlines ownership, management, members’ rights and responsibilities. Moreover, it is legally binding. However, the state requires it. It helps resolve disputes between members and protects members’ assets.
Customizing Operating Agreements
LLCs should customize their Missouri operating agreement, tailoring it to their structure and operations. Following state laws in the document is essential.
Registration for Foreign LLCs
To register, foreign LLCs must file the "Application for Registration of a Foreign Limited Liability Company" with Missouri’s Secretary of State and appoint an in-state registered agent. The online filing fee is $50, or $105 by mail.
Importance of an Operating Agreement
The purpose of an LLC operating agreement is to define rules and guidelines for a business. It details the operations of the LLC, including the powers of each member and voting rights. Normally, the document is about 15 to 20 pages for the company’s internal reference and doesn’t need public disclosure. In Missouri, there are default LLC rules, but members can override provisions with a written operating agreement. Having an operating agreement is important as it protects your interests and may limit your personal liability as a business owner.