You might be asking if an LLC operating agreement is necessary if you’re thinking about founding a limited liability company (LLC) in Oklahoma. No, an LLC operating agreement is not required in Oklahoma, although having one can help protect your business interests and give clarity in the event of a dispute.
A legal document known as an LLC operating agreement describes your LLC’s ownership structure, management, and operational procedures. Even if it isn’t needed by law, having one will help to guarantee that everyone working on the project is on the same page. In the event that legal action is taken against your LLC, an operating agreement might aid in protecting your personal assets.
The following details should be included in your LLC operating agreement if you wish to do so:
– Your LLC’s name and address
– The members’ names and addresses
– The goal of the LLC
– The management structure you’ll employ (member-managed or manager-managed)
– The capital investments and profit distribution
– How the LLC will be taxed
– How the LLC will handle disputes and dissolution
How Much Does it Cost in Oklahoma to Form an LLC? You must submit Articles of Organization to the Oklahoma Secretary of State in order to establish an LLC there. In addition to the $100 filing price, there is a $25 expediting fee that can be paid. The cost of employing a lawyer to assist with the formation procedure can range from a few hundred to a few thousand dollars, so you might also want to think about doing so.
Popular online legal document provider LegalZoom helps with LLC formation as well as other legal issues. Although LegalZoom may be a practical and economical choice, it’s vital to remember that their services do not replace legal counsel from a qualified attorney. Although LegalZoom’s services are reputable, it’s important to do your homework and make a well-informed choice about whether or not they are the best fit for your requirements.
In conclusion, even though an LLC operating agreement is not required in Oklahoma, having one can help to clarify matters and safeguard your company’s interests. If you choose to draft an LLC operating agreement, be sure to seek legal advice to ensure that you complete it accurately and cover all relevant issues. Be prepared to spend a filing fee when establishing an LLC in Oklahoma, and think about employing a lawyer to help with the procedure. While LegalZoom is an acceptable alternative for forming an LLC, it’s important to conduct research and make an educated choice before using their services.
Important details including the ownership structure, management structure, voting rights, profit and loss allocation, meeting and decision-making rules, and processes for adding or deleting members should all be covered in an LLC operating agreement. It should also state how the LLC will be dissolved if required, as well as the duties and responsibilities of each member.