Oklahoma LLC operating agreement template is an official and legally binding contract that gives directions to the members of a company. The agreement outlines the company’s policies, operations, procedures, relations, and even management.
In the state of Oklahoma, this document isn’t a requirement. But, companies in Oklahoma State require to have an LLC operating agreement. This is because it safeguards the personal assets of members and owners of the company. That means members of the company will not face any financial losses in case of any legal issues against the company. This is because as per this agreement, their private assets will have been legally separated from the business assets.
Table of Contents
Why LLC operating agreement in Oklahoma?
Here are the reasons that why business owner(s) or company member(s) should make and use the Oklahoma LLC operating agreement;
Protect LLC status
Company members are bound to get a certain level of protection as a limited liability company. However, making an LLC operating agreement assists in protecting your LL status. This shows that this agreement will assist to outline different company operations and policies. Also, this will guarantee the protection of personal assets.
Verbal agreements
When you decide each member’s responsibilities and roles orally then this might result in future disagreements having no clear solutions. Thus, the Oklahoma operating agreement will assist you in clarifying any verbal agreements made between the company members. In the contract, everything these members agree upon can be well written.
Protection of agreements
In Oklahoma State, companies don’t have to deal with the default state laws about the companies by having this legally binding document. Companies can use the well-written and specific instructions made in the agreement rather than this to make their decisions. This leads to better results than using generalized state laws.
Flexibility
Companies can operate their businesses with more freedom with the LLC status instead of those without this status. There is no room for any management conflicts as the company members’ decisions and ways regarding its operations are clearly indicated in the operating agreement.
Operation styles
Companies have ideas of how to operate their businesses successfully and appropriately by reviewing their preferred operation styles. By having operating agreement, company owner(s) and member(s) have the right mindset to run their business.
Business account
The parties whether it is a bank or any other form of a lender will require the company to have an operating agreement to open bank accounts or ask for loans. From the operating agreement, these parties can make sure its legality and review its policies, procedures, and operations.
How do you form operating agreement?
Here are the steps to prepare a valid Oklahoma LLC operating agreement;
Agent
At first, the company should select a registered agent who will display them in the litigation process. The registered agent must have a resident of Oklahoma State or an LLC filing or have any domestic or foreign business in the state.
Type
In the next, select the LLC form that fits your company either the domestic or foreign LLC. When handling the Foreign LLC application, the agent should have a Certificate of Existence attached to the documents.
Article of organization
To make the LLC formation legal and complete, this document must be created and submitted to the state.
Fee
The submission fee must be paid. However, the domestic LLC fee being $100 and the foreign LLC being $300.
Operating agreement
Now, the agent can prepare the operating agreement for the company. It can be a single-member or a multi-member LLC operating agreement.
Regulatory requirements
For tax and regulatory purposes, the company should have the Employer Identification Number (EIN).
Oklahoma LLC Operating Agreement
Oklahoma LLC Operating Agreement Template
Oklahoma LLC Operating Agreement Sample
Free Oklahoma LLC Operating Agreement Template
Conclusion:
In conclusion, an Oklahoma LLC operating agreement template is a legal document that provides legal protection to company members and owners. It also outlines the company’s operations. The company is bound to flow smoothly and avoid internal and external disputes by having the operating agreement.
