An operating agreement is essential for a limited liability company (LLC) in Missouri. It’s a document that details the LLC’s ownership, management, and operational structure, including members’ rights and responsibilities. The state does not require the document to be filed, but having it is mandatory. This agreement helps to protect members’ assets and resolve disputes. Typically, such agreements span 15 to 20 pages.
Importance of Customization
Every LLC should customize its operating agreement to match the specifics of its structure and operations. Adhering to state laws within the operating agreement is crucial.
Registration of Foreign LLCs
Foreign LLCs looking to do business in Missouri must:
- Register with Missouri’s Secretary of State.
- Appoint a Missouri-based registered agent.
- File the "Application for Registration of a Foreign Limited Liability Company."
The registration fees are as follows:
- Online filing: $50
- By mail: $105
The operating agreement is an internal document and is not subject to public disclosure. LLCs in Missouri can opt to change default rules by creating a written operating agreement.
Legal Binding and Protection
The operating agreement is legally binding and protects the business owners’ interests by limiting personal liability. Members can establish rules and modify standard provisions to meet their needs, ensuring the agreement serves the company’s unique framework.