- Voting rights of members
- Rules for meetings and voting
- The rights and responsibilities of members
- The company’s management plan
- Buyout rules or buy-sell terms
- The distribution of profits and losses
- Transition of ownership procedures
Additionally, by having an operating agreement, you and your company may be able to avoid having to comply with the state’s default regulations regarding how your LLC should operate. By having a legally-binding agreement with the members, you could determine specific rules for certain aspects of your company. Ensuring legality and enforceability Of course, just because you put something down on paper, it does not necessarily mean that it circumvents state default rules or even makes others have to legally comply with the agreement. You will need to ensure that your LLC operating agreement meets the necessary stipulations under state law and that it does not contain any information that could make it unenforceable. Understandably, you may have concerns about your operating agreement and want to make sure that it is created correctly. Fortunately, you can work with an Ohio business law attorney who can help draft your agreement. By working with a legal professional, you may better ensure the legally-binding nature of your document.