Tampa Business Lawyer for Operating Agreements
Operating Agreements by a Tampa Business Lawyer
A Tampa business lawyer can create an operating agreement for your single-member or multi-member LLC. LLCs are very ideal business entities because they allow for a variety of ways to run your business in terms of profit sharing and customizing control of the LLC. This is done through various terms and choosing between a member-managed LLCs or manager-managed LLC.
The types of operating agreements for your Tampa LLC include:
- Single member LLCs
- Multi-member LLCs
- Member-managed LLCs
- Manager-managed LLCs
Single vs. Multi-Member LLCs
Single and Multi-Member LLCs have important differences. Single member LLCs are owned by one owner (or “member”) and multi-member LLCs are owned by two or more members. It is wise to have an operating agreement even if your are the sole owner of your LLCs because the operating agreement states the ownership of your LLC. Operating agreements also include a succession plan to determine what happens to the sole member if he or she passes away or becomes disabled. This is important if the sole member wants his or her family to access the LLCs bank accounts or for someone to continue the company.
Multi-member LLC operating agreements include many more terms such as rights and responsibilities of each LLC member, voting rights, profit and loss sharing rules, employment requirements, contribution requirements, rights of first refusal for buy-outs, dispute resolution clauses, and minority rights.
Member v. Manager-Managed LLCs
LLCs are either member-managed or manager-managed. In Florida, the default type is member-managed unless the operating agreement states otherwise. Member-managed LLCs operate more like partnerships whereas Manager-managed LLCs have a more corporation-style management, which allows for “silent investors” whereas the manager can run the day-t0-day operations.
If you are need an operating agreement in Tampa, our Tampa business law firm proudly serves businesses throughout the Tampa area. We assist clients in Downtown Tampa, South Tampa, West Tampa, North Tampa, New Tampa, Hyde Park, Davis Islands, Harbour Island, Channelside, Ybor City, Seminole Heights, Tampa Heights, Carrollwood, Westchase, Citrus Park, Town ’n’ Country, Temple Terrace, and throughout Hillsborough County.
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Limited Liability Operating Agreements FAQ
An operating agreement is not required for an LLC to exist, but is important to have to avoid disputes with LLC members, succession planning, and will be required if there is due diligence of your LLC.
You should include terms related to ownership, profit and loss allocations, management, duties of members and managers, minority member rights, succession planning, tax matters, and more.
Absolutely. Contrary to popular belief, the documents that you file with the Florida Division of Corporations actually do not state who owns your LLC, only who controls it. This is why a single-member operating agreement is important. Also, the single-member operating agreement includes your succession plan.
Operating agreements prevent disputes between LLC members by clearly outlining the members’ rights and duties along with how and under what circumstances LLC members buy each other out.
You should update your operating agreement any time you add a new member, you want to change any of the terms for your operations, or when your LLC management structure changes.