Are you looking for an Operating Agreement for your Michigan LLC? If yes, then you have come to the right place.
Below, we’ve shared a generic operating agreement template which you can use and modify as per your business needs.
Operating Agreement – What does it cover?
An operating agreement is a legally binding document between the member(s) of the LLC and the LLC, which highlights how the business will operate. Even though Michigan LLC laws, do not mandate having an operating agreement drafted. But it is highly recommended to have one. It safeguards the members from any issues which may arise among the member(s) and upholds the limited liability status of the LLC.
A well-drafted operating agreement should cover the following points:
- Ownership Percentage of each member
- Rights and duties of each member
- Profit and loss distribution
- Arbitration information
- Transfer of ownership or withdrawal clause
- Dissolution process
Unlike article of organization/incorporation, it need not be filed with the Secretary of State and can be kept with the business documents.
Below we’ve shared generic operating agreement which can be adopted by Michigan LLC. Feel free to amend the document as per your needs. It’s always a good idea to get the operating agreement vetted by a business attorney.
Download Michigan 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