Newbie Starting an LLC in Oreon

[Michael W.]

Hi, I am starting an LLC here in Oregon because the outfit I will get my first financing from will only loan to an entity. I plan to file a simple LLC, I've seen the articles of organization form, its pretty simple, I think I can do it, but I have some questions: what is being a "benefit company" about?

"The company elects to indemnify its members, managers, employees, agents for liability and related expenses under ORS 63.160 - 63.170." What does this mean, and is it worthwhile to select this option? I am inclined to choose this option.

My business plan is to wholesale the first few deals to get money in my account, then to buy, rehab, and sell (flip); holding every 4th or 5th deal for rentals for the passive income.

I am seeing talk about operational agreements; since it is my Mom and me starting out, and I will be making the decisions (with abundant input from Mom), do I need such a document right away (I looked at LegalZoom.com, and IF I were to use them to set up my LLC, one of the documents I would get is an operational agreement)?

What other questions should I be asking myself and others? I have done some learning, and I feel as though I sometimes don't know enough to know to ask a question.