2009
[CREATING AN LLC OPERATING AGREEMENT]
Table of Contents
Introduction ..................................................................................................................................... 4 Why It Is Necessary ........................................................................................................................ 5 Protecting Your Status ................................................................................................................ 5 Defining Management and Financial Structure .......................................................................... 5 Overriding State Rules ................................................................................................................ 6 What to Include ............................................................................................................................... 7 Percentages of Ownership........................................................................................................... 7 Distributive Shares ...................................................................................................................... 7 Distributions of P&L................................................................................................................... 8 Voting Rights .............................................................................................................................. 8 Ownership Transitions .........................................................