QUESTION
2 LLC Partnerships form a separate LLC Should the be an additional Agreement created outlining the Operations of the company who handles what areas of
Asked on Mar 06th, 2020 on Business Law - Colorado
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2 LLC Partnerships form a separate LLC. Partnership. Should there be an additional Agreement created outlining the Operations of the company defining who handles/oversees various areas of the Partnership, ie Day-to-Day Operations, Accounting, Marketing, Purchasing, etc.?
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In general, an LLC should set up its own Operating Agreement to reflect the specific terms of operations, including ownership %s and management terms, as well as the specific tax aspects including who will be the Partnership Representative and details for the authority to act per the new Centralized Partnership Audit Regime IRS rules.
Answered on Mar 12th, 2020 at 12:52 PM