Vermont LLC Operating Agreement
The Vermont LLC Operating Agreement is the core document that is referred to when issues concerning a Vermont limited liability company (“LLC”) need to be resolved.
The LLC Operating Agreement is the most important document for your Vermont 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 Vermont.
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The LLC operating agreement does not have to be filed with any state agency. All states, including the state of Vermont 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 Vermont Limited Liability Company
LLC Filing Office
Entity or Franchise Level Tax
Vermont does not require partnerships, LLCs taxable
as partnerships, or disregarded single-member LLCs to pay
a general net worth tax based on net income.
However, a minimum tax of $250 is imposed on partnerships
and LLCs electing partnership treatment
State LLC Act
The Vermont LLC Act is contained in Title 11, Chapter 21 of the Vermont Statutes.
Important Statutory Rules
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 otherwise provided, new interests in the LLC must be issued with the consent of all the members. Unless otherwise provided in the Operating Agreement, the admission of a transferee as a member must be approved by the members holding a majority of the interests in the profits of the LLC.
Amending the Operating Agreement
Unless otherwise provided in the Operating Agreement, the Operating Agreement can be amended with the consent of all the members.
Unless otherwise specified in the Operating Agreement, all members must consent to making distributions prior to the departure of a member or the winding up of the LLC, selling all its assets and voluntarily dissolving the LLC.
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