Small Business Reading Room

Tuesday, August 03, 2010

Do I need an Operating Agreement for my Delaware LLC?

This is one of the most frequently asked questions by clients creating LLCs, I probably hear it at least one a day. The short answer is yes. The LLC is governed almost entirely by its Operating Agreement (sometimes also referred to as a Limited Liability Company Agreement or LLC Membership Agreement). The Operating Agreement is required by law and covers some really important aspects of the how the LLC runs and operates, such as how to add or remove members and managers.

Since every circumstance is different, Delaware Intercorp, Inc. doesn’t provide a customized operating agreement when we act as organizer, but you can purchase one of our corporate kits or forms CD we sell which both come with sample operating agreements. Of course, these tools aren’t meant as a substitute for the services of an attorney. If you feel like you need legal advice when drafting your operating agreement, you should contact an attorney for assistance.

Your LLC operating agreement does not need to be filed with the Delaware Division of Corporations or submitted to your registered agent. Instead, you should simply keep it with your private company records.

posted by Robin at 10:24 AM - permalink 0 comments

Small Business Reading Room

Do I need an Operating Agreement for my Delaware LLC?

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