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What Provisions Must Be Included in a Limited Liability Company Operating Agreement?

Under New York law (Limited Liability Company Law Section 417(a)) on LLC operating agreement must contain "provisions not inconsistent with law"…relating to:

  1. The business of the LLC,
  2. The conduct of the LLC's affairs, and
  3. The rights, powers, preferences, limitations or responsibilities of its members and managers.

Where an operating agreement does not address certain topics, the limited liability company is bound by the default requirements set forth in the Limited Liability Company Law.

Charles Internicola

by Charles Internicola
National Business and Franchise Lawyer

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