A Rhode Island limited liability company operating agreement sets the company’s member names and powers to paper. Assuming it is executed as a signed and notarized document (recommended), it enables the Rhode Island entity and its members to demonstrate proof of its existence as needed quickly. This can be very useful when meeting the demands of private institutions such as banks or when dealing with inquiries from a governing body like the I.R.S. Furthermore, as a signed document, it will record each Rhode Island member’s approval of the procedures and policies that the company will implement.
Is it Required in Rhode Island?
No. There are currently no active requirements made by Rhode Island laws on limited liability companies to execute an operating agreement at any time.
Single-Member LLC operating agreement – Utilize this agreement for a Rhode Island LLC with just one (1) member.
Multi-Member LLC operating agreement – Use this contract for a Rhode Island LLC made up of two (2) members or more than (2) members.
“(23) ‘Operating agreement’ means any agreement, written or oral, of the members as to the affairs of a limited-liability company and the conduct of its business. An operating agreement also includes a document adopted by the sole member of a limited-liability company that has only one member and may include as a party one or more managers who are not members.”