An Operating Agreement is an agreement among LLC Members that governs the LLC’s business as well as member’s financial and managerial rights and duties. Many states require an LLC to have an Operating Agreement, however Ohio is not one of those states. LLCs that operate without an Operating Agreement are governed by the state’s default [...]
Posts Tagged ‘limited liability company’What You Need To Know About Starting A Small Business – Part 2: What is the Difference Between an LLC and a Corporation?Wednesday, April 14th, 2010The most common decision for small businesses is whether to form an LLC or a corporation. While both entities have many similarities, they also have several differences. Limited liability companies, as opposed to corporations, are a relatively new type of business entity that combine the personal liability protection of a corporation with the tax benefits [...] What You Need To Know About Starting A Small Business – Part 1: Why should I form a legal entity at all?Tuesday, April 13th, 2010There are many reasons business owners choose to form a legal entity – whether a limited liability company, corporation, or otherwise. First and foremost, forming a legal entity reduces personal liability. Second, forming a legal entity adds credibility to the business. Third, forming a legal entity allows the building of business credit. First, and most [...] |
