Kiritsis & Associates
By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Kiritsis Law Group
212 922 0005
An operating agreement is a legally binding document that outlines the ownership, management, and financial structure of a limited liability company (LLC). It is a crucial document for an LLC as it defines the internal rules and procedures that govern the business, and it helps to avoid misunderstandings and disputes among members.
An operating agreement should include the following elements:
Ownership structure: The operating agreement should specify the ownership structure of the LLC, including the percentage of ownership for each member, their capital contributions, and any restrictions on transferring their interests.
Management structure: The operating agreement should specify how the LLC will be managed, including who will make decisions, how voting will occur, and how decisions will be made.
Distribution of profits and losses: The operating agreement should specify how profits and losses will be divided among the members, and how capital will be contributed and withdrawn.
Tax treatment: The operating agreement should specify how the LLC will be taxed, including whether it will be taxed as a partnership, a corporation, or as a single-member LLC.
Dissolution: The operating agreement should specify the conditions under which the LLC may be dissolved, and what happens to the assets and liabilities of the business in the event of dissolution.
It's important to note that the operating agreement should be signed by all members and kept in a secure place with other important business documents. It should also be reviewed periodically and updated as necessary to reflect changes in the business or in the laws that govern LLCs.
New York Business Corporation Law
New York Limited Liability Company
New York General Obligations Law
NYS Office of Professions
Whether you are a new business startup or a well-established company, our law firm can help you with all of your business law legal needs. For a free consultation, you can call us at 212 922 0005.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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