A North Carolina limited liability company operating agreement will meet several challenges often faced by businesses. This paperwork will be needed when dealing with investors and banks, will help its members by establishing how each one may behave within the company, explain member voting or management powers, and define the company tax-wise.
Every North Carolina limited liability company member should review the finished contract to satisfaction since they must abide by how it defines their role and powers in the company. Once completed, each member should be given a copy, and the original should be kept in the company files for future reference and use.
Is it Required in North Carolina?
No. Limited liability companies are not required by North Carolina law to effect an operating agreement. However, it is worth noting that running an LLC without an operating agreement in place is considered unnecessarily risky.
Templates (2)
Single-Member LLC operating agreement – Utilized by New Mexico limited liability companies with a roster of only one (1) member.
Multi-Member LLC operating agreement -Used by New Mexico limited liability companies with a roster of a minimum of two (2) members.
State Definition
“(23) ‘Operating Agreement.’ Any agreement concerning the LLC or any ownership interest in the LLC to which each interest owner is a party or is otherwise bound as an interest owner. Subject to other controlling law, the operating agreement may be in any form, including written, oral, or implied, or any combination thereof. The operating agreement may specify the form that the operating agreement must take, in which case any purported amendment to the operating agreement or other agreement expressed in a nonconforming manner will not be deemed to be part of the operating agreement and will not be enforceable to the extent it would be part of the operating agreement if it were in proper form. Subject to G.S. 57D-2-21 and the other provisions of this Chapter governing articles of organization, the articles of organization are to be deemed to be, or be part of, the operating agreement. If the LLC has only one interest owner and no operating agreement to which another person is a party, then any document or record intended by the interest owner to serve as the operating agreement will be the operating agreement.”
