What Is An Operating Agreement?
A key element to the formation of a limited liability corporation, or LLC, is an operating agreement that structures the internal operations and financial details of your small business. Additionally, an operating agreement details how board members interact and clarifies the percentage of board member ownership, voting rights and general board member responsibilities and powers.
Why Does My Small Business Need An Operating Agreement?
While the state of Michigan does not require operating agreements, all small-business owners should consider an operating agreement, as this document provides critical structure for your business. For more information on creating an operating agreement, contact Toburen Law PLC today.