What other documents or formalities are required to run a Limited Liability Company?
While not mandatory in many states, an Operating Agreement can be a critical part of running an LLC. The operating agreement will typically contain provisions relating to management, how the profits and losses will be divided, the transfer of membership interest, whether the LLC will be dissolved on death or departure of a member and other important issues. Additionally, an Annual List of Members or Managers is required to be filed with the Secretary of State. It is also a good idea to hold an annual meeting of the members and to keep an annual report. These are all important steps in making sure that the “corporate shield” stays strong in the case of a legal dispute.
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