A Washington DC limited liability company operating agreement is executed as a summary of a company’s internal structure, regulations, and status. For example, business owners will use this contract to declare a clear boundary between their assets and those of the company, how their entity should be taxed, and name the policies or procedures that will dictate how the company will function.
This contract will also be expected to establish a member’s exact contributions, allowable company actions, and voting rights. As such, signatures should only be gathered from well-informed members who have concluded their due diligence and are ready to commit to this agreement.
Is it Required in Washington D.C.?
No. Limited liability companies in Washington D.C. are not required by law to employ an operating agreement. While this is unrequired by District of Columbia law, LLC members are advised to issue and execute this agreement to maintain its policies amongst its members.
Single-Member LLC operating agreement – Washington D.C. limited liability companies made up of no more than one (1) member are advised to download and complete this contract.
Multi-Member LLC operating agreement – District of Columbia limited liability companies consisting of at least two (2) members should execute this contract after downloading a copy below.
“(10) ‘Operating agreement’ means the agreement, whether or not referred to as an operating agreement and whether oral, in a record, implied, or in any combination thereof, of all the members of a limited liability company, including a sole member, concerning the matters described in § 29-801.07. The term includes the agreement as amended or restated.”