The State Bar of Michigan hosted an event on June 19, 2019, at Fortz Legal’s Grand Rapids office. The subject matter was “That’s Not What I Meant: Drafting Tips for Corporate and LLC Documents”, and the key speakers were Jeffrey S. Ammon of Miller Johnson, Bruce W. Haffey of Gianmarco Mullins & Horton PC, and Douglas Toering of Mantese Honigman PC. The event was catered by Carolina Lowcountry Kitchen and there was representation from over 12 law firms in attendance.
Fortz Legal is honored to play a small part in continuing to support the mission of the State Bar of Michigan.
Creating a limited liability company (LLC) likely entails creating an LLC operating agreement as well. This is a formal agreement between the members of an LLC outlining how the company will be operated.
In order to draft an LLC operating agreement, it is necessary to gather fundamental corporate documents & data, including:
- Administrative processes
- Management details
- Membership information
Along with establishing each LLC member’s rights and obligations, it also addresses how members are admitted, when meetings are conducted, and how decisions are made.
Before submitting your LLC operating agreement to the state, all of the members must sign it when you’ve finished drafting it. To construct LLC operating agreements, you can employ a lawyer or use internet software. Keep your written documentation up to date to avoid problems later on. For instance, if there is a disagreement among the members, attorneys will review these records to comprehend your circumstance. A little too much documentation is usually preferable to not enough.
The methods for completing an LLC operating agreement are provided in this article.
Is it Possible to Create My Own Operating Agreement?
Operating agreements are essential for future legal challenges since they contain important information regarding company activities. Consequently, it is usually advisable to work with business attorneys to draft them; nevertheless, this does not mean that you cannot draft an operational agreement. You should be able to create an operating agreement that will hold up in court as long as you make sure you include all the relevant information and that you are as detailed as you can be.