Indiana LLC Operating Agreement
The Indiana LLC Operating Agreement is the core document that is referred to when issues
concerning an Indiana limited liability company (“LLC”) need to be resolved.
The LLC
Operating Agreement is the most important document for your Indiana LLC.
In the case of a single member LLC, without the formality
of an LLC Operating Agreement, the LLC can closely resemble
a sole proprietorship, which does not limit your personal
liability for business debts of the LLC.
With respect to a multi-member LLC, the LLC Operating Agreement reflects the agreement among the members with
respect to the affairs and management of the LLC and governs
the relationship amongst the members of the LLC. By having
an LLC Operating Agreement, the members will be provided
with a clear set of rules that all members have agreed upon
greatly reducing the likelihood of disagreement between
them in the future. A LLC Operating Agreement will also
greatly reduce financial and management misunderstandings,
and make sure your business is governed by your own rules
-- not default rules created by the state of Indiana.
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will have one or more members, will be managed by its members
or by elected managers, or will be granting one or more
members an interest in the LLC for the performance of services,
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The LLC operating
agreement does not have to be filed with any state agency.
All states, including the state of Indiana will enforce
valid operating agreements entered into among LLC members.
The operating agreement will only be enforced against the
persons who are parties to the agreement. Therefore, it
is extremely important that all members of an LLC sign the
operating agreement.
Your Indiana
Limited Liability Company
LLC Filing Office
Indiana
Secretary of State
Corporations Division
302 W. Washington, Room EO18
Indianapolis, IN 46204
Tel: 317-232-6576
http://www.in.gov/sos/business/index.htm
Check Name Availability
Entity or Franchise
Level Tax
Indiana
does not require partnerships, LLCs taxable as partnerships,
or disregarded single-member LLCs to pay a general net worth
tax or a tax based on net income.
State LLC Act
The
Indiana LLC Act (also called the Indiana Business Flexibility
Act) is contained in Title 23, Article 18 of the Indiana
Code
Important Statutory Rules
LLC Management
An
LLC is managed by its members unless the Operating Agreement
states that the LLC is to be managed by one or more managers.
Admission of Members
Unless
the Operating Agreement states otherwise, new membership
must be issued with the written consent of all the members.
Amending the Operating Agreement
Unless
otherwise provided in the Operating Agreement, a unanimous
vote of members is required to amend the Articles of Organization
or the Operating Agreement.
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