An Alabama Multi-Member LLC Operating Agreement is an essential document that describes how the company with several owners operates, lists key regulations the business follows on a daily basis, and protects individuals that formed the entity from bearing personal liability for the actions of the company.
While there is no legal requirement to submit this document to the local authorities, the owners of the LLC can benefit from creating it since different members of the board may have different opinions regarding short- and long-term plans of the business and it is helpful to have a legally binding instrument approved by all of them that will dictate how to resolve any issue or dispute. It is recommended to draft an operating agreement right at the beginning of your business operations so that you are aware of the rules to adhere to.
You can download an Alabama Multi-Member LLC Operating Agreement template via the link below - make sure you indicate the rights and duties of all the members and establish the procedures to follow when calling a board meeting.
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