@Jeff V.
Thanks for your response,
As a general rule in business single or multiple an operating agreement is most definitely important. Most people don't do it because the In some states its not necessary to file with Secretary of State.
Having an operating agreement sets the foundation about the rules of the business and when done correctly there are clauses inserted to protect individuals and their business.
Keep in mind as the owner of a single member LLC, I am separate from my business.
LLC's are formed for two main reasons
- to gain a tax breaks
- to gain limited liability
With that said, both has to be earned.
While yes having an operating agreement in multiple member LLC does set a foundation for the members to be on one accord.
I should still have one in place to show my positions, show how i handle disputes, distributions, what happens in case of death and more.
It pretty much shows that the business is truly a separate entity.
Best,
Alisha Decoteau
P.S. I decided to get a lawyer to get it completed
