![]() ![]() A simple majority of 51% ownership interest is the most common. No matter which type is selected, the members should include the terms under which decisions are made. Manager-Managed – When the members, like a board of directors, choose individuals to run the company. ![]() Member-Managed (most common) – When the members play an active role in the day-to-day decisions of the business.If a member wants to loan the LLC money, a separate loan agreement should be written. This may be in exchange for ownership but does not need to be mentioned in the agreement.Ĭapital contributions made by members are not paid back by the LLC. ![]() Capital ContributionsĪ capital contribution is a recognized transfer of assets or cash made to the LLC. The registered agent should be the same person in the operating agreement as listed with the Secretary of State’s office. It is recommended for the registered agent to be the company’s legal counsel, not a member. Registered AgentĪ registered agent is the person that will receive official notices on behalf of the company. Each member’s ownership interest should be mentioned and, if there are different classes of owneship, such limited powers should be detailed. The ownership of an LLC is mentioned as a percentage (%) since there are no shares in a company. The following terms and clauses should be mentioned in an operating agreement for the best interest of each member: Ownership To be effective, all members are required to sign the operating agreement. ![]()
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