LLC QuickStart Guide - The Simplified Beginner's Guide to Limited Liability Companies (Starting a Business QuickStart Guides Book 1) by ClydeBank Business

Author:ClydeBank Business [Business, ClydeBank]
Language: eng
Format: epub
Publisher: ClydeBank Media LLC
Published: 2015-08-25T07:00:00+00:00

Who Does What – Executive Management

The Operating Agreement is where you define rules for your designated managers. Whether your LLC is member-managed or manager-managed, and regardless of whether your managers will soon be known as Chief Marketing Officers or Presidents, those who will be in charge of the most high-level decisions should have their responsibilities spelled out in the Operating Agreement.

An Operating Agreement is Not a Business Plan

When it comes to the content of an Operating Agreement, you’re not going to be listing the price of products, the salaries you pay to your secretaries, or the various ways you’re going to go about marketing your product, nor will you include a projection of your financials. This is not a business plan. An Operating Agreement speaks primarily to executive relations, profit sharing, divestment, ownership percentages, owner classifications, voting, and so forth.

Business plans are, however, essential planning documents for new businesses of all kinds. If you are building your business from the ground up, check out this resource to guide you: INSERT LINK TO BUSINESS PLAN SECTION.

Operating Agreements for LLCs are typically divided into various provisions. These provisions are like topic headers with each representing a specific dimension of the business. In this chapter we’ll review a few common provisions used in Operating Agreements.

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