what to include in an llc operating agreement
there are many issues that must be covered in the llc operating agreement the general format of the document includes the following llc operating agreements should also outline the specific definitions of terms used in the agreement as well as list the purpose of the business a statement of its intent to form how it will handle new members how it chooses to be taxed how long it intends to operate and where it is located just as one size doesn t fit all the state default llc rules don t suit all the best way to counter this problem is by writing an operating agreement which gives freedom protection and control to your business though it s best to include an operating agreement in the initial stages if you have missed on that it s never too late to put it in place provided all members agree to it the document can also be modified at a later stage with the guidance and help of an attorney if i have an llc operating agreement do i need a business plan there s no legal requirement for an llc to have a written business plan but there are still clear advantages to having one a well structured business plan is an important tool to set out the goals and values of an enterprise and provides an objective way of assessing whether or not those goals are being met 