Join Dana Robinson for an in-depth discussion in this video Creating an operating agreement, part of Setting Up Your Small Business as a Legal Entity.
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- If you've formed a LLC, the LLC isn't quite done…when you get your file stamped articles of organization…back from the Secretary of State.…To complete the process of forming your LLC,…you must create an operating agreement that is signed…by all members of the organization.…The operating agreement is similar…to bylaws of a corporation, except that bylaws…are only for corporations.…The operating agreement is the governing document for LLCs.…There's no set way in which…an LLC operating agreement should be drafted.…However, there are many forms that you can find online…that will give you something to start with.…
If you need anything unique about the company,…you must address it in your operating agreement.…Often when a company is started, the owner will use…a generic form that they find online…and then when they reach a point of growth…or are adding other owners, they have an attorney…draft a custom operating agreement for them.…
DISCLAIMER: This course is taught by an attorney and addresses US law concepts that may not apply in all countries. Neither LInkedIn nor the attorney teaching the course represents you and they are not giving legal advice. The information conveyed through this course is akin to a college or law school course; it is not intended to give legal advice, but instead to communicate basic information to help viewers understand the basics of intellectual property.
- What is a sole proprietorship?
- Understanding corporate entities
- Exploring corporations and LLCs
- Choosing a corporate entity
- Creating an operating agreement
- Exploring incorporating examples
- Establishing an IRS tax ID