Maine LLC Operating Agreement Template
According to Maine law a limited liability company (“LLC”) that is formed or a foreign company doing business within the State must create and sign an operating agreement. Available for single or multi membered companies, the document is not filed with the State but is to be held and shown if ever requested by the Secretary of State or any legal authority.
The form is mostly used to the benefit of the members in a company that have that have multiple owners to protect themselves. Most LLC’s will have partners with different interest (as a percentage) depending upon how much money he or she has invested (capital contribution). The operating agreement states how much each member has put in to the company and how they will be paid in return and the duties of each member.
The document will address the following items which the members will agree and sign;
- LLC Formation
- Primary Business Purpose
- Member’s Name(s)
- Place of Business
- Registered Agent Name and Office
- Fiscal Year
- Duration
- Percentage Interest in LLC
- Capital Contribution (if any)
- Management
- Officers
- Distributions
- Voting Rights
- Meetings
- Majority