Question: Regarding an LLC operating agreement, which statement below best fits? Group of answer choices Until an LLC creates a written operating agreement that all members
Regarding an LLC operating agreement, which statement below best fits?
Group of answer choices
Until an LLC creates a written operating agreement that all members sign, it cannot begin operations.
If parties do not create an operating agreement, the states LLC statute will function as the LLCs default operating rules.
Operating agreements are a formality. Even when duties and other management rules are set in an operating agreement, following the agreement is optional so long as a member's actions are not illegal.
A good idea is to download an operating agreement from the Internet.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
