How To Create An LLC Operating Agreement For Oregon
If you reside in the beautiful state of Oregon, and you have a business that is fully operational, you may not be as protected as you should be. There are some instances where the products or services that you are offering may because people that are your customers to go after you and your personal assets. If you are not protected by an LLC, you stand to lose the assets that you have worked so hard to achieve. It is for this reason that Oregon limited liability companies are very beneficial for businesses both large and small. One of the documents that you should consider filling out when you are setting up your LLC is the Operating Agreement. The following information will present ideas on how to complete this document, and also express why it is necessary, and also how you can set up a limited liability company of your own.
What Does The Operating Agreement Do?
There are just a couple of documents that need to be filled out when you create an LLC. One of those is called the Articles of Organization. The other, which is not mandatory, is called the Operating Agreement. Though not necessary by law, it is certainly an advantageous document to have in your files in case you were ever in the midst of litigation. What it does is define the operations of your business. It defines who your members are, who the managers are, and what their roles and responsibilities are within the context of the LLC itself. It defines what your business actually does, and most importantly, conveys that this limited liability company is separate from your actual business. When you are in a legal battle, and someone suing you and your company, they may decide to also pursue your personal assets. To protect them, the LLC will do this for you, and the Operating Agreement is going to provide that information for the court.
What Goes Into The Creation Of The Operating Agreement?
In this document, you will need to present several different types of information. For example, the responsibilities and rights of your managers and members will be presented on this document. You also need to state that your LLC is truly separate from your business. If you don’t have one set up, state law will supersede the absence of this document, and how your LLC operates. Once it is completed, the document that you will have in your own files. There is no need to file it, but to create your LLC, there is a document that must be filed which is called the Articles of Organization.
The Purpose Of The Articles Of Organization
This is a document that you will submit to the Oregon Secretary of State’s office. It will cost $100 to file. It can be submitted by mail, or you could do this online, and it does require some preemptive work before you can complete it. This includes registering the name of your LLC with the exact name that you would prefer. You should also have found your registered agent. At the top of the document, the name of the LLC will be presented, along with its duration, plus the principal address of the office from which you are doing business. The registered agent’s name and address will then be listed. It needs to have the specific address for the Secretary of State will send legal documents.
Then, you need to state whether it is a member or manager-managed. The type of professional services that you offer will be listed. You must also list the different organizers that are part of your LLC along with their names and addresses. Finally, you have to list at least one manager or member that will be able to access direct knowledge of the operations of the limited liability company. Their name and address will be listed, and once this is done, they can be submitted to the Oregon Secretary of State’s office.
Does It Take Long To Get Approval?
There are two possible scenarios when it comes to processing the Articles of Organization. The first is going to be six weeks, and the other is going to be 10 days. If you submit this with only the $100, it can take 4 to 6 weeks to process. This is one of the slowest turnaround times in the United States. On the other hand, if you pay for expedited processing, it will take about 10 business days to complete. Depending on how fast you would like to have this done, you can choose between one of the two options.
Although the Operating Agreement for an LLC in Oregon is not mandatory, it does prove to be a vital document to be produced when you are in litigation. It also outlines the operations of your business, allowing you to reference it, in case you ever decide to change the way things are operating. If you have not filed for an LLC yet, you can do this yourself, or you can work with a professional business that can do it for you. This is often what most people do to simply take advantage of the convenience of having their Oregon LLC done without having to figure this out on their own.