• February 2019
    M T W T F S S
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Are the members of the LLC listed anywhere in the application docs for a DE LLC? If not, what determines who are members of this newly formed LLC?

The members of an LLC are not reported to Delaware during formation. An operating agreement typically serves the purpose of listing the members and their ownership interest.

Here are some (but not all) points to include in your operating agreement:

Ownership Percentage

For most LLC’s, the owners get together and contribute a certain amount of cash or something else of value to get the business of the ground. In exchange for this, each partner will get a certain percentage of the LLC proportionate to their capital or it could be divided in any other way you choose. Again, it’s good write out what you prefer as clearly as possible.

Define the Roles

If there’s multiple parties to the LLC you want to make sure that the operating agreement defines the roles and responsibilities of all the owners. It’s a good idea to include key terms that relate to the allocation of profits, contributions, voting rights and more.

Clauses to include

  • How the business will be managed
  • Meeting rules
  • Buying / selling interests
  • New ownerships

Feel free to check out LawTrades to have a startup lawyer create your operating agreements on-demand and at an affordable rate. Feel free to reach out directly if you have any more questions!

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