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Operating Agreements for LLC | Amendments to Operating Agreements | Corporate Bylaws | Partnership Agreements | Partnership Agreement Amendments | Business Loan Agreements | Business Continuity Plans | See The Other Documents We Prepare
Operating Agreements for LLC
An LLC Operating Agreement is a critical legal document that outlines the ownership and member duties of an LLC. The agreement sets out the financial and working relations that suit the specific needs of the business owners. From daily operations to what would happen if a member needs to leave the business, an operating agreement is crucial to your company and should be created as soon as you form your LLC.
An LLC Operating Agreement also includes details such as:
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Member names and personal details
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Management responsibilities
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Roles of officers
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Rules for operating
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Ownership rights
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Capital investment information
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Rules for interpretation and venue
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Profit distribution rules
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Process in the event of death, disability, and dissolution
Most states do not specifically require an Operating Agreement to create an LLC. However, you are afforded fewer protections without one, and a court could find that your business is not a properly formed LLC. This could result in personal liability for the LLC’s members.
Amendments to Operating Agreements
An amendment to an LLC operating agreement is an internal, written document that identifies which sections of the original Limited Liability Company (LLC) Operating Agreement will be modified or removed, or new sections to be added.
Before creating the amendment, review the original operating agreement to assure that it can be amended by the owners, and if there is a time frame or limitation for creating an amendment. For example, the original LLC operating agreement might state that it:
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Cannot be amended; or
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Can only be amended by a unanimous vote of the owners; or
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Can be amended by a majority (simple, 2/3rds, etc.) vote of the owners; or
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Can only be amended after the first year (or other time frame) of operations; or
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Can only be amended in the fourth operating quarter of each business year.
Any limits or procedural requirements to amending an LLC operating agreement must be followed for the amendment to be legally binding.
Corporate Bylaws
Corporate bylaws, also called company bylaws or just bylaws, are a set of instructions for how a corporation is run. Written by a company’s board of directors as one of its first duties, bylaws outline the operational procedures of those directly involved with the corporation.
While corporate bylaws may differ based on the size and type of the corporation, they generally cover the same points, including:
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The structure and basic information of the corporation
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A list of committees
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Details on the makeup and appointment of the board of directors
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The roles and responsibilities assigned to officers
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Information on shareholders and stock options
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How shareholder and board meetings are run
Corporate bylaws are not the same as articles of incorporation, which is a document filed with the Secretary of State that indicates an intent to incorporate a business within that state. A business’s articles of incorporation are public record which means anyone can look up that information, while corporate bylaws simply explain how the business is run and aren’t necessarily available to the public.
Bylaws don’t need to be registered in most states, but they need to be kept on company grounds in the event of an investigation or audit. In general, most corporations will have both documents.
Partnership Agreements
A Partnership Agreement is an internal written document detailing the terms of a business partnership. A partnership is a business arrangement where two or more individuals share ownership in a company and agree to share in their company’s profits and losses.
There are three main types of partnerships: general, limited, and limited liability partnerships. Each type has a different impact on your management structure, investment opportunities, liability implications, and taxation. Make sure to record the type of partnership you and your partners choose in your partnership agreement.
A simple Partnership Agreement will identify the following basic elements:
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Partners: the names of each person who owns the company
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Name: the name of the business.
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Purpose: the type of business being run by the partnership
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Place of Business: where the partners go to work every day
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Distributions: how the profits and losses are divided amongst partners
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Partner Contributions: how much and what each partner is contributing e.g., cash, a brilliant new idea, industry knowledge, supplies, furniture, or a workplace
Partnership Agreement Amendments
A Partnership Amendment is an internal written document detailing any changes to the terms of a partnership that were previously documented in a Partnership Agreement. A partnership is a business arrangement where two or more individuals share ownership in a company and agree to share in the profits and losses of their company. You should learn about the types of partnerships available and consider the advantages and disadvantages of a partnership before choosing or amending this business relationship.
A simple Amendment will identify the following basic elements:
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Partners: the name of each person who owns the company
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Partnership Name: the partnership’s name
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Agreement: the date of the original agreement
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Amended Sections: the specific sections of the agreement being changed
As a reference, a Partnership Amendment is known by other names:
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Partnership Addendum
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Amendment to Partnership Agreement
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General Partnership Amendment
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Business Partnership Amendment
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Amendment to Partnership Contract
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Amendment to Articles of Partnership
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50/50 Partnership Amendment
Business Loan Agreements
A business loan agreement is a document that details the logistical, financial, and legal obligations of the parties to a loan agreement. The business borrower requests money and takes on a debt to secure funds. It details a loan repayment schedule by which the borrower must repay the borrowed funds, including conditions for early payment or default in payment.
Every business loan is different, but using a template helps you get started on the substance of the document while allowing you to modify it to fit your needs.
Business Continuity Plans
A business continuity plan is a document that sets forth your organization’s plans for dealing with a disaster. These procedures help you to quickly resume business and reduce downtime and lost revenue. It covers important processes like asset protection, human resources issues, and how to deal with business partners.
Other names for a business continuity plan include:
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Disaster Recovery Plan
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Business Contingency Policy
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Business Continuity Procedures
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Disaster Plan
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Continuity of Operations Plan (COOP Plan)
Other Documents We Prepare
Affiliate Agreements | Articles of Incorporation | Business Plans (One-Page) | Buy-Sell Agreements | Affiliate Agreements | Assignment of Partnership Interest | Contracts | Business Proposals | Business Purchase Agreements | Joint Venture Agreements | Letter of Intent (LOI) | Memorandum of Understanding (MOU) | Payment Plan | Terms of Use | Privacy Policy | Purchase Agreement | Request for Proposal | Stock Certificates | Employee Evaluation Forms
*We will prepare your documents with the utmost speed and professionalism. If you are not satisfied by our work we will give you your money back.