Yes. While you won`t submit your company agreement to the state, a company agreement is the best way to keep control of your Florida LLC in the face of change or chaos. Whether you`re creating an LLC with one or more members, your company agreement should cover all of the following topics. Some of these provisions do not have a major influence on the effective operation of a single-member LLC, but they are nevertheless important to account for legal formality. Remember that these company agreements are designed as a reference and should be verified by a lawyer. No no. Company agreements are retained by LLC members. It is not necessary to submit this document to the FL Division of Corporations. A typical company agreement identifies LLC`s name and the address of its principal and registered office.
It should indicate the internal procedures of LLCs and the rights and obligations of members between them and the company. Since florida law assumes that all LLCs are managed by members, that is, members manage day-to-day affairs, the company agreement should specify that an officer or board of directors will assume business functions when this is the case. A company agreement should also indicate the purpose of the business and whether the company intends to be taxed as a partnership or as a limited liability company. In addition, the company agreement should describe the procedure for admitting new members and what happens when a member decides to leave the LLC. Multi-Member LLC Operating Agreement – To be used by companies with more than one owner to define the different operating procedures among the members/owner managers. It`s a good idea to establish a company agreement before submitting your organizational items, but the state doesn`t stop LLCs from waiting until the creation process is complete. Interestingly, some banks require you to submit a business agreement to open a bank account….