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A Florida Multi-Member LLC Operating Agreement publishes a formal outline to define essential agreed-upon elements to the structure of a company owned by two (2) or more individuals. The Florida state government does not explicitly obligate LLCs to draft and execute an operating agreement, but it is a sound measure for legal purposes. Included in the contract are areas to designate particulars surrounding:
- Formation Information
- Company Ownership Percentage for Each Member
- Individual Member Contributions/Distributions
- Management of the Business
- Company Voting/Meeting Rules
- Bookkeeping/Tax Protocols
- Member Withdrawl/Wind Down Procedure
The form can also be useful in providing documentation to receive certain tax advantages. Notary supervision and corroboration are required to finalize the legal arrangement.
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