Does Georgia Require an LLC Operating Agreement?

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Does Georgia require an LLC operating agreement?
Georgia does not require LLCs to have operating agreements, but it is highly advisable to have one. An operating agreement will help protect your limited liability status, prevent financial and managerial misunderstandings, and ensure that you decide on the rules governing your business instead of state law by default.
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If you want to launch a business in Georgia, you might be asking whether you need to have an operating agreement for your LLC in place. The quickest response is that an operating agreement is not mandated for LLCs in Georgia. However, it is strongly advised that you own one.

Are Operating Agreements and LLC Agreements the Same Thing?

Although they are frequently used interchangeably, “LLC agreement” and “operating agreement” are not the same thing. Any agreement between the members of an LLC that regulates how the company operates is referred to generally as an LLC agreement. An operational agreement, a particular kind of LLC contract, describes how the LLC will be managed.

What Happens if an Operating Agreement Is Missing?

Even while an operating agreement is not required for LLCs in Georgia, having one in place is still a good idea. Without one, the default guidelines outlined in Georgia’s LLC legislation will apply to your LLC. These regulations might not be the best fit for your company’s requirements, and they might not shield your private assets from a lawsuit.

In Georgia, how long does it take to approve an LLC?

Depending on the type of processing you select, the processing time for an LLC in Georgia can change. Your LLC application could be accepted in as little as 15 minutes if you submit it online. It may take up to 15 days to file via mail. Your LLC could be approved in as little as a day if you select expedited processing.

How Much Does it Cost to Register an LLC in Georgia, then?

In Georgia, forming an LLC costs $100. The Georgia Secretary of State will receive payment of this filing fee when your LLC application is submitted. The additional $100 cost for expedited processing is due. If you need to file extra documents, modify your LLC’s name, or address, you might also need to pay additional fees.

In conclusion, even though an operating agreement is not required for LLCs in Georgia, it is strongly advised that you have one in place. This will guarantee that your LLC is managed in accordance with your unique demands and safeguard your personal assets in the event of litigation. An LLC in Georgia may take a while to process, but if you file online, it may be granted in as little as 15 minutes. In Georgia, forming an LLC costs $100, plus another $100 for expedited processing.

FAQ
How do I create an operating agreement for an LLC?

You can either utilize a template or employ an attorney to design a special operating agreement for your LLC. The terms of the LLC’s dissolution should be specified in the operating agreement, together with the LLC’s ownership structure, management style, and decision-making procedures. To prevent future misunderstandings and disputes among members, an operational agreement must be in place.