Operating Agreement for LLC after the fact. What do I do?

[Holly Scott]

Hi all!! So my husband and I started our LLC in November of last year. We flipped our first house, buying December 29th of last year and officially selling on April 18th of this year. We bought that house in our names, not LLC as the offer and contract were made before we started the LLC.

Now we are under contract for the 2nd house, and this time we are doing everything under the LLC. The title company and the lender want an operating agreement. So my questions are:

1. My husband is listed as the agent, and I have checked that the management is vested in the members and that there is at least one member of the LLC. I am no where on the Articles of Organization or any other business document. When I do the operating agreement, shall I be added as a member? I do all of the management and so it can be beneficial to have signing abilities.

2. Would my husband be listed as a member also, even though he is the agent?

3. Should the agreement be effective as of now, or as of the day the LLC was formed?

4. Not sure what to put for contributions. We used our HELOC to get started.

5. We have a business account, but would I need to set up capital accounts for each of us separately? I'm not even sure how this would work, or if it's necessary.

6. Does this get notarized and filed with the state? Or something we just keep for our files.

Any advice would be greatly appreciated! Maybe I am over complicating things, but I want to make sure I am doing this correctly.

[David Dachtera]

@Holly Scott,

This would be a good time to get a business / tax attorney on board. Since you didn't start there, you're in catch-up mode now.

Also, your state's Secretary of State's office should have some helpful information.