Join Martha Garzon for an in-depth discussion in this video Creating an operating agreement, part of Running a Web Design Business: Defining Your Business Structure.
…Next, in the LLC setup process, is establishing and operating your agreement.…This agreement defines the LLC's financial and…management structure, operating rules and regulations.…Even though most states do not require operating agreements, it's always good…to have one, especially if your LLC will have more than one member.…The operating agreement will help a lot…if there are conflicts between owners of the LLC.…
This agreement is also a good place to define what happens if one…of the owners dies or retires, so the LLC isn't automatically dissolved.…Other common things in the operating agreement include each member's percent of…ownership, how profits and losses are distributed, each member's rights and…responsibilities, the procedure for making decisions, how and…by whom the LLC will be managed, how to handle changes in ownership, and…what events affect a life or dissolution of the LLC.…
- Understanding your business-structure options
- Choosing your business structure using five key questions
- Establishing business names and fictitious business names
- Obtaining local licenses and permits
- Applying for city/county tax receipts
- Opening a business bank account
- Understanding state and federal taxes
Skill Level Beginner
1. Overview of Business Structures
2. Sample Businesses
3. Forming a Sole Proprietorship
4. Forming a Limited Liability Company (LLC)
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