Virtual Paralegal Training Center
An LLC Operating Agreement is a legal document that outlines the ownership and member duties of your Limited Liability Company. If an LLC owner do not work in the day-to-day operations of the business, and hire someone to run the business, it is considered a Manager Managed LLC.
An LLC Operating Agreement is a legally binding business document that entails the ownership of its members, how the company is managed, and the structure of the LLC (Limited Liability Company). It can provide details such as when meetings are held, naming a registered agent, selecting managers and adding/dropping members.
Corporate Bylaws define a corporation's purpose, how it will operate, and the duties and responsibilities of the people who own and manage it. They also let you specify shareholder ownership rights, select officers and directors, plan annual meetings, and establish how to remove officers or directors.
A Partnership Agreement is a contract between two or more individuals who would like to manage and operate a business together in order to make a profit. Each Partner shares a portion of the partnership's profits and losses and each Partner is personally liable for the debt and obligations of the Partnership.
A General Partnership agreement is the key agreement between the partners that dictates the general aspects of how the partnership will be run. It also specifies the partners' initial capital contributions as well as the procedures for selling an ownership interest and exiting the partnership.
Disclaimer: There is no express or implied warranty given.
The Virtual Paralegal Training Center™ is not a law firm and is prohibited by law to give any legal advice. Any & All products & services published by VPTC are solely for informational purposes. The Virtual Paralegal Training Center™ is not a Paralegal School. We cannot assist you in getting a paralegal certification or degree.
References made to third parties are based on information obtained from sources believed to be reliable but are not guaranteed as being accurate. Users should not regard it as a substitute to consulting expert advice. Opinions expressed on VPTC are subject to change without notice and the Virtual Paralegal Training Center ™ (“VPTC”) is not under any obligation to update or keep current the information contained herein.
Our comments are an expression of opinion. While we believe our statements, links and referral to be true, they always depend on the reliability of their own credible sources. We recommend that you consult with licensed, legal or financial advisers before making any decisions. Also, you should use this information as you see fit, and at your own risk. Your situation may not be exactly suited to the examples illustrated here; in fact, it's likely that they won't be the same, and you should adjust your use of the information and recommendations accordingly.
None of VPTC products & services are intended to replace common sense, legal, financial or other professional advice, and is meant to inform the reader. All products are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting form to another site offering free legal or other document forms for download.