A Limited Liability Company’s governance and management structure are similar to a corporation. Where a corporation’s owners are called shareholders, an LLC’s owners are called Members. Where a corporation has Directors, your LLC will have Managers.
An LLC is a flexible business structure. You will not be required to hold regular meetings or appoint officers. An LLC allows you to structure its affairs based on the needs of your business. Imposing a sense of corporate formality, however, is important. Our LLC Operating Agreement will show you the way.
An LLC Operating Agreement is a contract between LLC owners. It defines for each LLC owner: (1) their ownership percentage in the LLC, (2) their share of LLC profits/losses, (3) their rights and responsibilities in relation to each other and the LLC, and (4) the business consequences of when an owner leaves. The overall purpose of an operating agreement is to diffuse financial and management misunderstandings and to make sure your business is governed by the rules you create.
North Carolina does not require that your Limited Liability Company have an operating agreement. However, most properly run LLCs have one.
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