Operating Agreement for a Florida LLC?

by Madeline
(Lakeland, FL)

1) what specifics need to be included in an operating agreement that is run by managing members?

For example:
A) contribution
B) ownership interests
C) Management; decisionmaking
D) Taxation
E) Company Dissolution

Anything else?

Answer

The way this works is that Florida law (under its LLC statutes) will set out many of the major terms for an LLC.

If you have a written operating agreement whose terms differ, then the operating agreement will control.

If your operating agreement is silent on an issue, then Florida's LLC statutes will control.

If both your operating agreement ad Florida's LLC statute are silent on the issue, then you'll end up spending a lot of money in court trying to sort it out in front of a judge and/or jury.

Your operating agreement should include every term that is important to your LLC, particularly how profits and losses are shared and distributed.