In Missouri, an operating agreement outlines LLC ownership, management, and members’ rights. The state requires it to resolve disputes.
Customization and Compliance
LLCs should customize their Missouri operating agreement. Following state laws in the document is essential.
Registration of Foreign LLCs
Foreign LLCs must register with Missouri’s Secretary of State. They need an in-state registered agent. To register, they file the "Application for Registration of a Foreign Limited Liability Company". The online filing fee is $50 or $105 by mail.
Purpose and Details of Operating Agreements
The purpose of an operating agreement is to define business rules. Without one, your liability might increase. An operating agreement details LLC operations, including member powers and voting rights. It’s normally 15 to 20 pages. Also, it’s for internal reference and doesn’t need public disclosure. Members can override Missouri’s default LLC rules with a written operating agreement.
Is an LLC Agreement the Same as an Operating Agreement?
The operating agreement is legally binding and helps resolve disputes between members, as well it protects members’ assets. LLCs should tailor it to their structure and operations. Even if your state doesn’t require it, having this agreement protects your interests.