LLCs, unlike corporations, are not required to hold annual meetings and keep minutes, nor are they subject to the more stringent record keeping required of corporations. The governing document of the LLC is the operating agreement and it is within this document that the members may lay out all important provisions, such as LLC governance, ownership, member changes (adding, removing, death, and incapacity of members) are stated. The operating agreement is an internal document, and is an agreement amongst the members or owners, which means that it is not recorded with the state.
Articles in this section
- LLCs vs C-Corporation: Which Is Best for Your Business?
- What is the process involved in changing the name of an LLC?
- Can an LLC be formed without listing the members on on the articles of organization?
- Why it's important for the members on an LLC to have an operating agreement in place?
- Can another business entity be a member of an LLC?
- Can a Limited Liability Company (LLC) be taxed as an S Corporation?
- Which entity type should I choose?
- Is an LLC the best fit for your entity?
- The Benefits of Forming an LLC
- The LLC Operating Agreement