An Operating Agreement is a document that outlines how your limited liability company will run. Though it is not required to form your LLC with the Department of State, it is recommended that you write one when you start your Florida LLC. It should address the following:
- Ownership (who are the members and what are their membership percentages)
- Rights and responsibilities of members
- Member shares of profits and losses
- Management structure (member managed or manager managed)
- Amendment process
- How members can buy-in or sell-out of the Florida limited liability company
- How assets are to be distributed if company dissolves
- What happens if a member leaves (for any reason)