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An operating agreement is a key document used by limited liability companies (LLCs) to outline the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners, called "members".
This book has a sample set of by-laws of the type that a small, independent society might adopt. [14] The wording of the by-laws has to be precise. Otherwise, the meaning may be open to interpretation. In such cases, the organization decides how to interpret its by-laws and may use guidelines for interpretation. [15]
A series LLC is a special form of a limited liability company that allows a single LLC to segregate its assets into separate series. For example, a series LLC that purchases separate pieces of real estate may put each in a separate series so if the lender forecloses on one piece of property, the others are not affected.
Aug. 22—FAIRMONT — The Small Business Administration recognized Morgantown based Action Facilities Management and its president and CEO, Diana Lewis-Jackson, during a ceremony at the Robert H ...
A "limited liability company" (LLC) is a different entity. However, some states permit corporations to have the designation Ltd. [6] (instead of the usual Inc.) to signify their corporate status. A corporation must file annual corporate tax returns with the Internal Revenue Service.
Forum Selection Bylaws. The current MBCA permits the articles of incorporation or the bylaws of a corporation to specify the forum or forums for litigation involving internal corporate affairs. Venue for Judicial Proceedings. Recognizing that many states have developed specialized “business courts” that may be more appropriate venues for ...
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