If you’re on this page, it means two things. First, you have already formed your LLC in Maine and secondly, you’re planning to secure your LLC by drafting an operating agreement.
And this is a wise move. A properly drafted agreement can save you from any hassle down the road.
When the business progresses, the dynamics and understanding between the member(s) of the LLC can change. And for this very reason, you need an operating agreement.
Maine is one of the few states in US where drafting an operating agreement is mandatory as per state laws. The requirement is especially for multi-member LLC. However, even for a single member LLC, it is a good idea to have one.
Operating Agreement – Why it’s Important
As you would know, a properly drafted operating agreement can help mitigate any misunderstanding or disputes between the member(s). At the same time, it also helps uphold the limited liability status of the LLC.
The operating agreement typically covers member(s) duties, responsibilities, shares, and information about how profit/loss will be distributed. But these points are generic and often do not cover the worst case scenarios.
Ideally, the agreement should also cover how the decisions would be made, what happens if any of the member dies or decides to leave, or whether a member can sell his/her interest.
It’s a good practice to also include a non compete clause in the agreement.
Below we’ve shared a generic Maine LLC Operating Agreement template, which you can edit as per your needs.
Download Maine LLC Operating Agreement (PDF/DOCX)
Based on the type of your LLC, download the relevant document.
Disclaimer: The document is shared for reference purpose only. We disclaim all liability and responsibility arising from any reliance placed on the information shared. We encourage you to consult a professional business attorney to get a professional agreement made.
Last Updated: 02/01/2019