New Jersey LLC Operating Agreement
The New Jersey LLC Operating Agreement is the core document that is referred to when issues concerning a New Jersey limited liability company (“LLC”) need to be resolved.
The LLC Operating Agreement is the most important document for your New Jersey 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 New Jersey.
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The LLC operating agreement does not have to be filed with any state agency. All states, including the state of New Jersey 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 New Jersey Limited Liability Company
LLC Filing Office
Entity or Franchise Level Tax
Partnerships and LLCs treated as partnerships with two or more owners are subject to a New Jersey filing fee of $150 per owner, up to a maximum of $250,000. Partnerships that are investment clubs and partnerships with no New Jersey source income are not subject to the filing fee.
State LLC Act
The New Jersey LLC Act is contained in Title 42, Chapter 2B of the New Jersey Statutes
The New Jersey LLC Act
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
The Operating Agreement will govern how new members are admitted to the LLC. Unless otherwise provided in the Operating Agreement, the admission of new members requires the consent of all the members.
Amending the Operating Agreement
Amendments to Operating Agreements are approved as provided in the Operating Agreement.
Unless otherwise specified in the Operating Agreement, approval of all members is required to voluntarily dissolve the LLC.
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