When starting a limited liability company (LLC) in Missouri, one important document you will need is an operating agreement. This document outlines the rules, responsibilities, and ownership structure of your business. To help you get started, here`s a sample operating agreement for an LLC in Missouri.
Section 1: Introduction
In this section, you will include the name of your LLC, the date it was formed, and the purpose of the business.
Section 2: Ownership
This section will outline how ownership of the LLC is divided among members. You will need to include the name and percentage of ownership for each member, as well as the voting rights and decision-making authority of each member.
Section 3: Management
Here, you will outline how the LLC will be managed. This can be either member-managed or manager-managed. In a member-managed LLC, all members have a say in the day-to-day operations of the business. In a manager-managed LLC, one or more members are appointed to handle the management of the business.
Section 4: Capital Contributions
This section outlines the financial contributions of each member to the LLC. You will need to include the amount and timing of each contribution, as well as any terms for repayment or distribution of profits.
Section 5: Distributions
This section outlines how profits and losses will be distributed among members. You will need to include the percentage of profits and losses allocated to each member, as well as any terms for distributions.
Section 6: Transfer of Ownership
This section outlines the process for transferring ownership of the LLC. You will need to include any restrictions or procedures for transferring ownership, as well as any approval required from other members.
Section 7: Dissolution
This section outlines the process for dissolving the LLC. You will need to include any procedures for liquidating assets and distributing profits or losses among members.
An operating agreement is an important document for any LLC in Missouri. By following this sample operating agreement, you can create a clear and comprehensive agreement that protects your business and ensures a smooth operation. Remember to consult with legal counsel to ensure that your operating agreement complies with Missouri state laws and regulations.