LLC Operating Agreement (template + instructions)

[@llcuniversity]

Hey folks, make sure to check the site for most up-to-date information: www.llcuniversity.com/operating-agreement/. Or select your state and start forming your LLC with our free guides: www.llcuniversity.com/

[@mamiepaul5389]

Thank you so much. This is very helpful

[@llcuniversity]

@@mamiepaul5389 - You're very welcome!

[@6789uiop]

@@llcuniversity I just subbed and rang the bell, thank you so much.

[@llcuniversity]

@@6789uiop - Nice! You're very welcome :)

[@akindia8519]

Hi. I want to know that since I'm a non us resident and have an LLC in US, I wouldn't be liable to pay taxes to the us government as long as I don't have someone in the US exclusively working for me(an employee working for me exclusively) Am I assuming it right?..

[@NectariosObunga]

You saved me over $1000. I went to open a business account and operating agreement was one of the requirements. I am very fortunate to have come across your channel and may God bless your endevours as you continue to be of service to others.

[@llcuniversity]

That is so great to hear! Happy we could put the $1,000 back into your pocket for better use ;) Thank you for the kind words, and best wishes to you as well Nectarios!

[@andrew-isac]

Do we just keep a copy of it for ourselves or does it have to be registered somewhere ! In state or county or somewhere

[@matiqog]

​@andrew-isac You keep the copy internally for yourself. In some cases a bank may ask for a copy when You're opening a business bank account but this document is internally to how your business is operated, how finances/shares are handled and who the members are.

[@FinancialBob]

Just when I thought I would need to hire someone to develop our LLC Operating Agreement I wan across your channel. Liked and subscribed!

[@llcuniversity]

Thanks so much Bob! I appreciate you! Check out our website too (a lot more stuff there). Or just toss "LLC University" into any of your LLC-related Google searches ;) We cover a lot of ground.

[@petemarquez7687]

People like you helping others is what we need in this world. Thank you much for the help.

[@llcuniversity]

Pete, thank you so much! Really appreciate that :)

[@RodrigoValerdi]

I'm looking at this video 5 years later and it's still relevant !

[@llcuniversity]

Yes sir!

[@memyselfi2002002]

I am so grateful to have found your video! I was surely stressing over having to figure this out on my own. You are a God-send and many blessings to you!

[@llcuniversity]

You're very welcome! Happy we could help. If you have any questions you are searching in google, just add "llc university" in your search. We have tons of helpful articles and instructions on our website too. Hope that helps.

[@justinraymund]

This was SO helpful. A lot of "free" services really seemed to over complicate this process, and wanted credit card information! Thank you for making it SO SIMPLE!

[@llcuniversity]

You're very welcome Justin! Thanks for the awesome comment!

[@KingdomStewards]

Thanks! God bless!

[@llcuniversity]

Thanks so much Albert! You're very welcome :)

[@vanessadavis8360]

I am working on a certification. I downloaded your template, pulled up your tutorial, and let you talk me through this step-by-step! I sooo appreciate your sharing this vital information! God Bless Your Business!

[@llcuniversity]

Hi Vanessa, you're very welcome! So glad we could help :)

[@esayasayele4862]

All your videos are very helpful I get a lot from your videos truly you are very generous person .God bless your Knowledge.

[@llcuniversity]

Thank you so much Esayas. I greatly appreciate your comment!

[@debrasteer7236]

Thanks so much for your guidance. I'd like to thank you for making this so simple for those of us that struggle with heavy wording.

[@llcuniversity]

Hi Debra, you're very welcome :) I really appreciate you noticing and the kind words! Let me know if you run into any other questions.

[@tinmancolli4228]

Finally a workable , useable true template with out a fee at the end - thank you for a quick and easy video to follow through with !!!!

[@llcuniversity]

You're very welcome!

[@XYZ_Vu]

Thanks!

[@llcuniversity]

You're very welcome Scott. Thank you!

[@assadurrehman4271]

Thank you for much Sir! for explaining everything Professionally, May God Bless you!

[@llcuniversity]

You're very welcome! Glad it was helpful.

[@baremetalHW]

Thank you so much for putting these videos out there!! I can't even say helpfull they are!!

[@llcuniversity]

You're very welcome! Thank you for the lovely comment :)

[@Mr-bc4vu]

This content is priceless! Thank you so much for your contribution to the people that needed it.

[@llcuniversity]

You're very welcome! Thanks so much for your awesome comment :)

[@abusiveb001]

I have had more help with your website than i have with every person i have spoken with combined!

[@llcuniversity]

Hey Mega, super awesome to hear!! Glad we could help :)

[@montero7980]

I don't know really how to thank you. You're so helpful and logic. Thanks for your help and everything you share. Appreciated!

[@llcuniversity]

You're very welcome! :)

[@ocdemsforrentersrights3185]

Wow thanks for the massive amount of free LLC information in this short 13 minute video!!!

[@llcuniversity]

You are very welcome Luis! Thanks :)

[@FawadZakai]

Thank you sir, you have saved me $600...

[@llcuniversity]

You're very welcome. That's awesome to hear!

[@fondusportfolio]

Made a seemingly complicated matter super simple and effortless. Thank you!

[@llcuniversity]

You're welcome Daniel! Thank you :)

[@KingN3y0VL4]

We seriously need more people like you in the world. I instantly subscribe. Dude you are awesome seriously.

[@llcuniversity]

Wow, thank you so much! Very kind of you. You're very welcome :)

[@KingN3y0VL4]

@@llcuniversity no seriously THANK YOU. You saved me a lot of money. I just opened my first business account in the first thing they asked for is guess what.... My Operating agreement 😀🤝. I got approved with no questions asked. Thank you again

[@llcuniversity]

@@KingN3y0VL4 - You're very welcome Neno!! Heck yeah. That's super awesome. You're super duper welcome :-)

[@joannayayaya396]

I know you received a lot of thankful comments, but I am so grateful for your help. I have been wantching KZbin for years but never leave a single comment. Your kindness deserves bigggg thumbs up👍👍👍👍👍. Keep the good work and wish you good luck, wealthy and healthy at all time.

[@llcuniversity]

Hi Joanna, your comment means so much!! Thank you, you are very kind. I'm so glad the videos have been so helpful :) I wish you all the best too!

[@wenderangeles7683]

You are the best! this is the best guidance KZbin channel at all. Thank you very much.

[@llcuniversity]

Thank you Wender! Appreciate that!!

[@littie82]

Your videos are lifesavers! You've made things so seamless. Thank you for your help in what is a daunting process.

[@llcuniversity]

So awesome to hear! You're very welcome :)

[@YjasmingKistner]

Incredibly helpful! Thank you so much for walking us through this process!

[@llcuniversity]

So glad to hear! You're very welcome!

[@6host_Casper]

Thank you for such great services you provided me. Even better for free. I like how you mentioned blue or blank ink. Wish you all the best.

[@llcuniversity]

You're very welcome Angel! Hey, the details matter lol ;)

[@climbingcrab4655]

Information was wonderful, thank you! Most impressive part, seeing that you still respond to comments years after the production of this video. It really speaks to your sincerity. Great work.

[@llcuniversity]

Hey CC, thanks so much for your awesome comment! You're very welcome :)

[@alalgue]

Thank yuuuu. I hope it still help 8 years later

[@llcuniversity]

It's still rock solid 💪You're welcome!

[@alalgue]

Like and subscribed 👍🏼👍🏼👍🏼

[@llcuniversity]

@@alalgue Thanks! :)

[@MoraimatheTraveler]

Very much appreciated, you definetvely saved time and money. I just need a member-managed Operating agreetment. Cheers from Canada

[@llcuniversity]

You're very welcome!

[@Kris-wj1qq]

I really appreciate that this was free to print! Subscribed just because of that!

[@llcuniversity]

You're very welcome Kris! Thanks!

[@royaltiisworld2265]

You changed my life❤️

[@llcuniversity]

Wow! You're kind :)

[@inthereign]

Sooooo very detailed, thorough and extremely helpful. You just made this really easy! Thank you!!!!!

[@llcuniversity]

You're sooo welcome! Happy to help :)

[@pierreferrer5556]

You saved me quite a bit of money and time. This was so simple and straightforward. Thank you so much!

[@llcuniversity]

So great to hear! You're very welcome :)

[@vonmcfarland2073]

This Video saved me time,money, and energy! Thank you so much!!

[@llcuniversity]

You're very welcome DeVon!

[@evanahenri978]

Very grateful to have found your video and channel. Great teacher who provides excellent content. Thank you!

[@llcuniversity]

You're very welcome Evana! Thank you :)

[@evanahenri978]

@@llcuniversity Do you have any advice/resources on how to look for the right trademark attorney? Thanks!

[@llcuniversity]

@@evanahenri978 - Hi Evana, we recommend calling 5-7 (after doing research online) and asking them all the same set of questions. That usually leads to patterns where you can see if you get the same answers. Also, you will intuitively lean towards working with one or two of them. Hope that helps.

[@evanahenri978]

@@llcuniversity Thank you!

[@visualpdca]

Thank you so much Matt. Your website and videos have helped me clarify what needs to be done to create an LLC. It's already stressful enough to be opening a business and trying to save money in doing so, but your videos/info/templates are a godsend. Please keep up the good work!!

[@llcuniversity]

You're super welcome! Will do. Thank you very much :)

[@L1GHT119]

Great Thank you. My Registered agent had a 16 page Operating Agreement and the one you provided was cleaner, short, and sweet. Thank you again!

[@llcuniversity]

You're very welcome! Those long ones (while often comprehensive), can be quite overwhelming to go through and understand.

[@nicholeg9863]

Thank you soooooooooo much! I have been watching your videos ALL DAY, and they've helped a bunch! I am going to take the leap of beginning my business and feel so much more confident after watching! Thanks!

[@llcuniversity]

Hey Nichole! You're very welcome :) Congrats! So glad we could help!

[@db8684]

GOD BLESS YOU & THE USA, THANK YOU... 🙏🏿🇺🇲💯

[@llcuniversity]

You're very welcome :) Thank you!!

[@p.thesmartm.2491]

Thank you so much, very well explained, don't stop doing this great videos. you deserve millions of subscribers , continue with this channel . thank you!

[@llcuniversity]

You're very welcome! Thanks so much!! We very much appreciate the kind words :)

[@carolsimon2978]

Thanks for posting these videos and thanks for taking the time today to respond to my question by email. Your generosity is much appreciated!

[@llcuniversity]

You're very welcome Carol! Thank you for the kind words :)

[@marcin97]

Thank you! With little research (to understand the concept) I was able to create a partnership LLC with IRA and IRA owner and external manager to be compliant with IRS non-prohibited party clause. Your template was barely changed and it worked! I don't know how much exactly I saved cause 3 lawyers have not returned my calls to set one up, oh well, my gain!

[@llcuniversity]

Wow, that is impressive! Glad you got it sorted. We hope to have more content on our website in the future regarding LLC/IRAs. Would you be willing to email us the template you created? No worries if you'd rather not. Thanks.

[@marcin97]

@@llcuniversity I definitely will tonight, after all it's thanks to you!

[@llcuniversity]

@@marcin97 - Awesome, you rock! Happy we could help ;-)

[@marcin97]

@@llcuniversity sent

[@llcuniversity]

You rock! Thanks.

[@matiqog]

This was too easy to understanding!! Thank you so much for your help, Matt! You rock! 🎉🎉

[@llcuniversity]

You're SO welcome! Thanks for the kind words :)

[@Thrivinglife3835]

Just subscribed. I am in process of making an LLC operating agreement… Thank you for this video.

[@llcuniversity]

You're very welcome!

[@XYZ_Vu]

THANX for this! Helped me out in a crunch with total calm.

[@llcuniversity]

You're welcome Scott. Glad we could help :)

[@peadmont11]

Thank you so much for sharing your knowledge, May Gd bless you. You were very instrumental., clear and to the point. You are terrific.

[@llcuniversity]

You're very welcome Eli! Thank you for the kind message :)

[@DThornDigital]

@@llcuniversity hey I am a single member LLC, just formed a few days ago. For the contribution section, how much will I put for that? That is the only part I didn't get in this video. Thanks for the amazing info 🙏

[@llcuniversity]

@@DThornDigital - You can enter whatever you'd like. We recommend putting in enough to get your business started. We have more information here: www.llcuniversity.com/money/llc-capital-contributions/

[@kougbatu5382]

Thank u so much, a guy was charging 400 for this...thank u..

[@llcuniversity]

You're very welcome Kou!

[@chrissygirlzdknx3]

Thank you, I wish you an unlimited abundance of prosperity

[@llcuniversity]

Oh, heck yes!! Thank you Chrissy! And you're very welcome :)

[@Havinganokaytimethanks]

Great job, you make your viewers feel as though we can do anything in 13 minutes

[@llcuniversity]

Awesome! Thanks for the nice compliment Christina :)

[@rosariog.9499]

This has been extremely useful. I appreciate the step by step process. Really appreciate it.

[@llcuniversity]

You're very welcome Rosario!

[@RubyRim]

Thank you so much for making this video and the word doc. I'm a single member and still brand new to business, this was incredibly helpful.

[@llcuniversity]

You're very welcome Ruby! So glad we could help :)

[@diamondsfanj]

Tremendously helpful. Thanks again. Couldn’t have done it without you.

[@llcuniversity]

You're very welcome Jamie!

[@puppyrex1789]

Thanks for the step by step what a life saver thanks

[@llcuniversity]

You're welcome Rayfus!

[@bwilks2916]

Thank you so much! Saved me lots of time (and money).

[@llcuniversity]

You're very welcome! ;-)

[@pch0121]

This was very helpful. You must be a teacher.

[@llcuniversity]

Why thank you! Not officially, but I've always enjoyed teaching and communication. Thank you for the kind words :)

[@brandonholmes1995]

Thank you so much for this video. It really saved me.

[@llcuniversity]

You're very welcome Brandon :)

[@racquelmarshall2928]

Hi Mat, I JUST SUBSCRIBED....YEAAAA!!! Thank you so much for such valuable information - PRICELESS...YOU ARE APPRECIATED even now in 2022 :-D @LLC University

[@llcuniversity]

You're SUPER welcome Racquel!! Thank you!!

[@kylabutler9851]

Thank you so much!!!!! You saved me alot of money!!!!!! Thank yo so much!!!!!!

[@llcuniversity]

You're very welcome! yay! So awesome to hear :)

[@cashole5713]

Thank you for this, it helped tremendously. Really appreciate you taking the time to do this as well as having a pdf for all to use.

[@llcuniversity]

You're very welcome!

[@Havinganokaytimethanks]

You guys killed it. Thank you thank you!

[@llcuniversity]

Heck yea!! Thanks again Christina, you rock!

[@jrios551]

I thank you for your information you made it very easy to learn Jose

[@llcuniversity]

You're very welcome Jose!

[@renaelowe8975]

Awesomely done and most helpful. Thank you!

[@llcuniversity]

You're super welcome!

[@lindaholding9324]

Thank you for this information . It's what I needed.

[@llcuniversity]

Glad it was helpful Linda!

[@geethas.krishnan3226]

Very helpful step by step process. Thanks!

[@llcuniversity]

You're welcome Geetha!

[@loctran7293]

Great video, thank you very much! How would I add a Living Trust into Operating Agreement? Meaning if something happens to me, sole proprietorship, then I want to make sure it goes through my Living Trust.

[@loctran7293]

Also if the LLC is for rental property, then what do you suggest I put in for "contribution", the property value?

[@llcuniversity]

Hey Loc, while you can contribute property in exchange for LLC Membership Interest, you'll want to check with an accountant on that. And for estate planning, if you form a Trust, you can then assign/transfer 100% of your LLC Membership Interest from yourself to your Trust. Said another way, the Trust becomes the 100% LLC Member.

[@michellemalone-maynard8182]

Thank you very much for this!!! Saved me a lot and you made it easy to understand.

[@llcuniversity]

You are very welcome Michelle! So happy to hear :)

[@whatsaguygottado2669]

Excellent walk through.

[@llcuniversity]

Thanks!

[@alleya611]

Wow, thank you so much! This was beyond helpful!

[@llcuniversity]

You're very welcome Alley!

[@LEGENDARYSTRAFE]

Where would you include the profit splits and salary to be paid under (8) Allocation and Distribution of Cash to Members?

[@llcuniversity]

Hi Zira, by default, the profits will be split proportional to the ownership percentages. When you say salary, do you mean W2 employee salary? If so, that is not allowed in default LLC taxation. That only applies if the LLC elects to be taxed as an S-Corporation or C-Corporation. Are you referring to W2 or just how to take money out of the business?

[@JuanMontenegro-c4k]

Hi, I have a very important question, when filling the manager or member information on any page of the agreement, do I have to use my personal address or the business address? Thank you!

[@nyclassic4ever130]

Should the font on the entries be left as bold? Perhaps makes it easier to identify the information on the document. Or is this only for illustration purposes of the video? It looks kind of funny to leave it in bold. Or perhaps it doesn't even matter since its mostly an internal document 🤔. Great informative video!

[@llcuniversity]

It's totally up to you. It can be bold or regular :) Thanks!

[@michaelthomas3476]

this was easy and fast to complete.

[@llcuniversity]

Awesome to hear!

[@jerichol5614]

Hey! I had a quick question. For section 4 the registered office and agent - is it fine to just use yourself and your home address? We're registering a media company so it's mostly online and don't have a real address to use besides home. Also do I need to include and phone number or email or anything else in this section? thanks so much for the video and template!! its really helpful

[@llcuniversity]

Yes, you can list yourself. And no, no phone number or email is needed (but you can certainly add it if you want). And you're very welcome!

[@Cookwithvickie]

Wow! Thank you so much for this!

[@llcuniversity]

You're very welcome Vickie!

[@th3azscorpio]

8:27 What would you put for a manger managed LLC?

[@llcuniversity]

It's actually a completely different Operating Agreement. If you do a search on our website, you'll find it. Might be easier to just google search "LLC University Manager-Managed Operating Agreement" and you'll be able to download it. Hope that helps.

[@MH-ue7iy]

Thank you so much for this. You were thorough and to the point.

[@llcuniversity]

You're welcome MH! Glad it was helpful :)

[@humphrey]

Can I use this same template for a "Manager-Managed" LLC?

[@llcuniversity]

Apologies, this form is for member-managed LLCs. Check this link for a manager-managed LLC Operating Agreement: www.northwestregisteredagent.com/manager-managed-llc-operating-agreement.html

[@yali5025]

I like your video too, make it simple, I’m recently frustrated about the operating agreement buy sell provisions

[@llcuniversity]

Thanks Yali, glad it was helpful.

[@christianmeza5718]

Thank you so much for putting these videos out there!

[@llcuniversity]

You're very welcome Christian!

[@adreanefoster9912]

This was exactly what I was looking for and in need of so thank you!

[@llcuniversity]

Awesome! You're very welcome :)

[@techkoolkool965]

Your video is a life saver. It translates a daunting task to a simple procedures to follow. I'm little unsure about the date to fill in the OA form. If the LLC is formed in the middle of the year, do I fill in the exact date of the LLC formation for all the dates space and still use the calendar year for Tax Year and Accounting Method?

[@llcuniversity]

Thanks for the kind words, glad it was helpful! The date at the top should be the effective date (the date the LLC was approved by the state). And yes, you can still use the calendar year for taxes and the cash method for accounting (the most common methods), but you do not have to. If you have questions about these, there are long-form videos on youtube, or you can phone a few accountants. Hope that helps!

[@noonsaid]

This is very helpful Thank you so much!

[@llcuniversity]

You're very welcome!

[@khanh6903]

Thank you so much for making these instruction videos!

[@llcuniversity]

You're very welcome!

[@MariaSilva-im9tv]

Thank you for this information! If I live outside the US but im the only member of the LLC I have to use as my adress the same of the LLC inside US? Or do I have to put mine in another country? Thanks

[@llcuniversity]

Hi Maria, you're very welcome. For the Operating Agreement, you can use either address you want. It's not that important which one it is.

[@dmecklenburg]

In the operating agreement, for a husband and wife, who's trust owns the LLC, should their title by the signature line be Member, Trustee or Member/Trustee?

[@llcuniversity]

Let's say your Trust is called the ABC Trust and it was formed 2/15/2020. You'd list the Trust's name as the only LLC owner in "IV. CAPITAL PROVISIONS", with 100% ownership. Then edit the signature section of the document to read as follows: ___________________________________ John Doe, as Trustee of the ABC Trust, dated 2/15/2020 Date: ____________________ ___________________________________ Mary Doe, as Trustee of the ABC Trust, dated 2/15/2020 Date: ____________________ If your Trust agreement says only one Trustee's signatures is required to bind the trust, then you can remove signature block. If you're not sure, it won't hurt to have both you and your wife sign in the capacity of Trustees. Hope that helps!

[@I-sed-no]

Thank you! Very helpful video. Appreciate your time

[@llcuniversity]

You're very welcome Chad :)

[@tomphie261]

THANK YOU FOR SHARING YOUR KNOWLEDGE

[@llcuniversity]

You're very welcome Tom. Thanks for the nice comment :)

[@bleacherz7503]

Thanks, how does one get a bank to issue a checking account to a new llc. They seem reluctant

[@llcuniversity]

Hello, LLC business bank accounts are a normal thing. We have more information here: www.llcuniversity.com/business-bank-account-for-llc/

[@pwops]

Do you need to create a different operating agreement if you're moving your LLC from the original state of formation to another state through the process of conversion?

[@llcuniversity]

It's a good idea to amend the Operating Agreement after a conversion. You can make a new Operating Agreement that accounts for the conversion (and any applicable changes) and it'll be stated in that Operating Agreement that it supersedes the prior Operating Agreement.

[@michaellaughlin9179]

Since this does not need to filed I assume the effective date is flexible if you add members later

[@llcuniversity]

Hi Michael, the effective date would be the date the LLC went into existence. This is most likely on your Articles of Organization (or Certificate of Organization or Certificate of Formation). And it's also most likely the date the LLC was approved by the state. Hope that helps.

[@fugginEPIC]

Super helpful, thank you! Do you have a template to amend the OA to add another member and change the llc’s name/purpose?

[@llcuniversity]

You're welcome. Apologies, but not at this time.

[@wis3.choice]

Thank you for this video!!! Clutch!!!👏👏👏

[@llcuniversity]

Heck yeah! You're welcome :)

[@noradominguez565]

Thank you so much for such well made and helpful videos, straight to the point and clear to allow, thank you!

[@llcuniversity]

You're very welcome Nora :) Thanks for your awesome comment!

[@brianwebster7622]

When you are filling out the Capital Provisions section ... should I put my home address or the Northwest agents address ... Thanks !!

[@llcuniversity]

You can just use your home address. It's a private document. You can also change that address whenever you'd like.

[@emultiservicesllc2736]

Hello, the video it is very helpful, you mention to have an LLC in the operating agreement in this case will be Corporation but the company has an LLC sole mbr now do we keep the LLC and create a new corporation and use the LLC we have as dba?

[@llcuniversity]

Can you rephrase this using more punctuation please. I can't understand the premise. I also don't understand the question. Thank you.

[@sweetdirtytone]

I have real property, stocks and cash that was left to me in a inheritance. I am using this to start and investment LLC to manage rental property, buy more properties and stocks in the future and make other investments what ever they may be. I would like to know how or should the property, stocks and cash be listed when filling out contributions.

[@llcuniversity]

I'm not 100% sure on this as different ways could have different tax consequences. I recommend speaking with a tax attorney. I do know that the real property, stocks, and cash can be your capital contribution to becoming a Member of the LLC, but exactly how it should be done and documented... for that, I'd speak with a professional. Apologies we couldn't be more specific, and thanks for your understanding.

[@jayleung7027]

For the LLC S-corp taxation, what should I change from section part III tax and financial provisions?

[@llcuniversity]

For Section III sub-section 1, you'll list "S-Corporation". Hope that helps.

[@QuadMusic]

You are very helpful and a very easy step by step tutorial. You nailed it. My question is when and how do we set up the EIN?

[@llcuniversity]

Thank you! You get an EIN for your LLC after your LLC is approved by the state. We have a video on our channel: kzbin.info/www/bejne/gWHEd4p7qNOebbM. If you visit our website though (llcuniversity.com/) and choose the state, you'll find far better instructions. Hope that helps!

[@ThatsJustAstan]

Thank you soo much for this video. I was literally about to pull my hair out till I ran into this video

[@llcuniversity]

Hi Astan, you're very welcome! If you have any other questions, just throw "llc university" into your google searches :)