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Importance of Operating Agreements
- An operating agreement outlines LLC finances and member roles.
- For multiple member LLCs, it should be advisable although not required.
- Whether to notarize depends on legal requirements and desired protection level.
- It helps maintain separation between company operations and personal assets.
- An operating agreement governs LLC operations.
- Without one, your LLC could be subject to state laws not aligned with member intentions.
Signing an Operating Agreement
- LLCs with multiple members should have one, even if not required by law.
- Get together with co-owners and a lawyer to figure out what to cover.
- Have everyone sign to make it legal.
Legal Aspects of Operating Agreements
- An LLC can enter contracts, own property, and conduct business.
- There is no requirement to notarize the operating agreement.
- Without notarization, it is still legally binding among parties.
- Some businesses will still have the signatures notarized to add formality.
