Maine LLC Operating Agreement

The Maine LLC Operating Agreement is the core document that is referred to when issues concerning a Maine limited liability company (“LLC”) need to be resolved.

The LLC Operating Agreement is the most important document for your Maine 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 Maine.

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The LLC operating agreement does not have to be filed with any state agency. All states, including the state of Maine 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 Maine Limited Liability Company

LLC Filing Office

Secretary of State
Bureau of Corporations, Elections and Commissions
101 State House Station
Augusta, ME 04333-0101
Tel: 207-624-7740
www.maine.gov/sos/cec/corp/llc.html
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Entity or Franchise Level Tax

Apart from certain financial institutions, Maine does not impose an income tax on partnerships, LLCs taxable as partnerships, or disregarded single-member LLCs.

State LLC Act

The Maine LLC Act is contained in Title 31, Chapter 13 of the Maine Statutes


The Maine LLC Act

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

No statutory rule exists for the admission of new members.  Unless otherwise stated in the Operating Agreement, the admission of a transferee as a member must be approved by unanimous written consent of the non-transferring members.

Amending the Operating Agreement

Except as provided in the Operating Agreement, amendments to the Operating Agreement can be made only after approval by all the LLC members.

Dissolution

Unless otherwise provided in the Operating Agreement, the written consent of all members is required to voluntarily dissolve the LLC.

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