Georgia Operating Agreement Lawyer

An operating agreement determines the rules and responsibilities between and among members of a limited liability company (LLC). To learn more or understand how this may be applicable to your company consult with our business formation lawyers today. A Georgia operating agreement lawyer can assist you in executing a contract with the members or your company.

Common Provisions in an Operating Agreement

Operating agreements include the following:

  • Each member’s percentage interest or ownership in the LLC
  • How profits and losses are attributed
  • How distributions are made
  • How the LLC will be managed
  • Whether and how each member’s ownership can be transferred or sold (buy-sell agreement)
  • What duty, if any, the members owe to each other
  • Which member is in charge of taxes
  • How assets are distributed if the LLC is dissolved

If your LLC does not have an operating agreement, state law provides the rules by which your company is run. Your operating agreement gives you flexibility with the other members to customize how you want to operate. It is your opportunity to agree to the things that reflect your values as business owners.

Contact a Georgia Operating Agreement Attorney Right Away

Even if you are a one-member limited liability company, an operating agreement establishes a formality that shows that your personal life and your business are separate. You escape the default state rules and you can establish how you want your business to operate if you eventually bring in another member. If you need help drafting this document, contact a Georgia operative agreement lawyer today.