So you and your friends want to start a new business together. You’ve got a great idea, made a great plan, and have verified demand to the extent possible.
So now how do you organize your business?
The best business organization for your new venture may be a Limited Liability Company (LLC).
LLCs have tremendous flexibility but learning their ins and outs can be confusing. A good way to get started might be to read some of the sample forms below and then ask Google about the terms you’re not clear on.
An example of pretty much every LLC form is available below. However, these forms need to be customized to your specific situation:
- northwestregisteredagent.com has bunch of free LLC legal forms available for download. Here is the link to the download page for these forms:
- Step 1: LLC Organizational Forms
Articles of Organization
LLC Articles of Organization for any state.Articles of Organization (for Guam)
LLC Articles of Organization for your LLC in Guam.
- Step 2: Initial Meeting and Capitalization of the LLC
If your LLC holds annual meetings, use this meeting minutes template to track it.LLC Operating Agreement
A limited liability company operating agreement for any state.Manager-Managed LLC Operating Agreement
Limited liability operating agreement for any state specifically written for a manager-managed LLC.Single-Member LLC Operating Agreement
Limited liability operating agreement for any state specifically written for a single member-managed LLC.Multi-Member LLC Operating Agreement
Limited liability operating agreement for any state specifically written for a multiple member-managed LLC.LLC Capital Contribution
Document intial contributions to the LLC by all members using either the LLC’s operating agreement or this LLC capital contribution template.LLC Membership Certificate
A limited liability company membership certificate.
- Step 3: Get an EIN for LLC
- Step 4: Open a Bank Account
LLC Bank Account
- Step 5: LLC Maintenance Forms
LLC Member Resolution
LLC Members can use this document to make resolutions for the limited liability company.LLC Manager Resolution
Managers of an LLC that have been granted authority by its members can make resolutions using this form.Articles of Amendment
Make changes to your LLC’s Articles of Organization, Certificate of Formation, or Certificate of Organization using these Articles of Amendment templates.LLC Operating Agreement Amendment
Amend your LLC’s operating agreement at any time with this form.LLC Capital Contributions Bill of Sale
If you’re looking to fund an LLC with personal assets in exchange for membership interest, use this template to show their value as a contribution to initial capital.LLC Membership Interest Bill of Sale
If you want to sell your LLC, you can sell your memberhip interest in the LLC using this bill of sale template.
- Step 1: LLC Organizational Forms
All of the above forms are important and relevant but the operating agreement is the heart and soul of your LLC.
Here is an outline of a basic operating agreement from Resource (1) below. This outline can give you a quick introduction to the issues that your operating agreement needs to address:
A. Formation and Qualification
C. Principal Office
D. Governing Law
F. Registered Agent and Office
II. Membership Interests
A. Initial Members of the Company
B. Percentage of Ownership
C. Membership Classifications
D. Management by Voting Members (if Member-Managed)
E. New Members
F. Capital Accounts
G. Liability of Members
H. Transfer and Assignment of Interests
III. Allocations and Profit Distributions
A. Allocations of Profits and Losses
IV. Meetings and Voting
A. Notice of Meetings
V. Management and Duties
B. Delegation of Powers
D. Indemnification of Members and Managers
A. Books and Records
B. Financial Records and Reporting
C. Liability of Members
E. Dispute Resolution
Each of these different aspects should be addressed in the Operating Agreement. Resource (1) below covers all of them.
Limited Liability Companies For Dummies, 2014, by Jennifer Reuting. Published by John Wiley and Sons.