If you’ve recently registered a Pennsylvania limited liability company or already have one, but have not executed the operating agreement, then you may be at risk.
Without a formal operating agreement in place, means that default LLC statutes get automatically applied to your LLC, which may not be in your best interest. And in the case of any liability or potential lawsuit, the court may ‘pierce the corporate veil’ and hold the business members liable for the damages.
But don’t worry.
On this page, we’ve shared a sample operating agreement template for your Pennsylvania LLC. You can modify the agreement and suit it as per your business needs.
What is an Operating Agreement and Why LLC must have one
Simply put, an operating agreement is a legal binding document. It governs the business operations, defines the roles and responsibility of each member, specifies how profit and loss are shared and mentions other important points related to the business.
Although in the state of Pennsylvania. it’s not mandatory to have an operating agreement but as discussed above it provides an extra layer of security to the members. The agreement is an internal document and need not be filed anywhere.
Below we’ve shared a sample operating agreement template for various type of LLCs – single, multi member and manager managed.
Download Pennsylvania 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