More specifically, it is not mandatory under law to sign an operating agreement, however, it contains important provisions for the governance of the company and hence it is a norm for the members of the LLC to create such a contract. There are no legal provisions that specify the structure with which the operating agreement should be drafted. This contract governs important financial, business, and operational concerns of the company. LLCs often enter into LLC operating agreements (operating agreements) to create a binding contract between the members involved in the company and the company itself. Limited liability companies (LLCs) are forms of private limited companies whereby the member’s or the partner’s liability towards the company is limited by his/her financial contribution.
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