Indiana Civil & Business Lawyer: You Want to Start a Limited Liability Company?
Some terms you should know for LLC's:
1. "Operating agreement" "Operating agreement" means any written or oral agreement of the members as to the affairs of a limited liability company and the conduct of its business that is binding upon all the members. (IC 23-18-1-16)
2. "Limited liability company" or "domestic limited liability company" "Limited liability company" or "domestic limited liability company" means an entity that is an unincorporated association organized under this article. (IC 23-18-1-15)
3. "Member" Sec. 15. "Member" means a person admitted to membership in a limited liability company under IC 23-18-6-1 and as to whom an event of dissociation has not occurred.
4. IC 23-18-1-8 "Event of dissociation" "Event of dissociation" means an event that causes a person to cease being a member of a limited liability company as provided by IC 23-18-6-5.
5. IC 23-18-1-3"Articles of organization" "Articles of organization" means the articles of organization described by IC 23-18-2-4 and any amended or restated articles of organization. Indiana does not require an operating agreement for an LLC. However, I think a well founded LLC has an operating agreement.Technorati Tags: llc, limited liability company, operating agreement