Big news for Wisconsin LLCs—Wisconsin passed a new limited liability company law and it takes effect on January 1, 2023. The new Wisconsin Uniform Limited Liability Company Law (the “New LLC Law”) incorporates major changes to LLC law and automatically applies to any LLC (a) formed after January 1, 2023 and (b) any LLC formed…
Tag: operating agreement
Category: Entity Formation, Business Advice, FAQ | Comments Off on Forming a Multi-Member LLC? Here’s Why You Need a Customized Operating Agreement
Posted by Stephanie Melnick | February 16, 2022 | Tags: limited liability company, business owner, small business, LLC, operating agreement, members, multi-member
An LLC is a popular tool for small businesses for lots of good reasons. Read more about those reasons here. But DIYing an operating agreement from various online sources is risky since it’ll be maybe enforceable, maybe what you actually want and need, and maybe complete. A customized operating agreement is the best way to…
Category: Entity Formation, Business Advice, FAQ | Comments Off on Five Reasons LLCs With Two or More Members Need an Operating Agreement
Posted by Stephanie Melnick | February 16, 2022 | Tags: members, limited liability company, business owner, small business, LLC, operating agreement
Five reasons LLCs with two or more members need an operating agreement Decide how you want to operate your business. Determine whether members can be required to chip in cash. Identify a process in case a member wants out. Define how the LLC could force a member out. Address the three Ds in advance—what if…