Rhode Island LLC Operating Agreement
The Rhode Island LLC Operating Agreement is the core document that is referred to when issues
concerning a Rhode Island limited liability
company (“LLC”) need to be resolved.
The LLC
Operating Agreement is the most important document for your Rhode Island 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 Rhode Island.
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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 Rhode Island 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 Rhode
Island Limited Liability Company
LLC Filing Office
Secretary
of State
148 W. River Street
Providence, RI 02904-2615
Tel: 401-222-3040
corporations@sec.state.ri.usa
Check Name Availability
Entity or Franchise Level Tax
Rhode
Island does not require partnerships, LLCs taxable as partnerships,
or disregarded single-member LLCs to pay a general net worth
tax based on net income.
State LLC Act
The
Rhode Island LLC Act is contained in Title 7, Chapter 7-16
of the Rhode Island General Laws.
The Rhode Island
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 requirements exist for admitting a member to an
LLC. The Operating Agreement shall govern how a member
may be admitted to the LLC.
Unless otherwise provided in the Operating Agreement,
the admission of a transferee as a member must be approved
by the unanimous written consent of non-transferring members.
Amending the Operating Agreement
Unless
otherwise provided in the Operating Agreement, amendments
to the Operating Agreement require approval of the members
owning a majority of the value of capital contributions
made to the LLC.
Dissolution
Unless
otherwise specified in the Operating Agreement, unanimous
written consent of all members is required to voluntarily
dissolve the LLC.
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