A Pennsylvania limited liability company agreement combines the defining attributes of a company’s policies with a listing of the members making up the roster. Regardless of the number of owners behind the LLC, this paperwork will be treated as a binding contract upon signing.
It should be noted this contract’s terms and conditions may be amended according to Pennsylvania state law unless a specific procedure has been named in the agreement’s provisions. This is important to note since member concerns, such as their required contributions and the company’s entity status, will likely have a profound effect on the finances of everyone involved.
Is it Required in Pennsylvania?
No. Pennsylvania does not currently have any laws on the books demanding that an LLC organize with an operating agreement or have one in order to conduct business.
Templates (2)
Single-Member LLC operating agreement – This contract should only be completed by a limited liability company with just one member.
Multi-Member LLC operating agreement – This is the agreement needed by Pennsylvania limited liability companies that have at least two (2) members.
State Definition
“‘Operating agreement.’ The agreement, whether or not referred to as an operating agreement and whether oral, implied, in record form or in any combination thereof, of all the members of a limited liability company, including a sole member, concerning matters described in section 8815(a) (relating to contents of operating agreement). The term includes the agreement as amended or restated.”
