Massachusetts LLC operating agreements govern a company’s affairs and satisfy submission requirements whenever dealing with banks and other financial institutions. Ideally, this is a written contract signed by all owners or members but can be entered verbally.
Massachusetts LLC operating agreements govern a company’s affairs and satisfy submission requirements whenever dealing with banks and other financial institutions. Ideally, this is a written contract signed by all owners or members but can be entered verbally.
No. The Commonwealth of Massachusetts has not made operating agreements a legal requirement for LLCs, but this document does provide protection once it is made. (MA General Law Part I, Title XXII, Ch 156C, Sec 24)
“Operating agreement” means any contract (e.g., verbal, recorded, written) made between the members or owners of an LLC between each other and the company;