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Requirements for Binding LLC Owners to LLC Operating Agreements Under the New Jersey Revised Uniform Limited Liability Company Act
It is always wise to have the terms governing the owners’ of a business’s relations and the management of the business spelled out in writing, whether this be a shareholder agreement for a corporation, a partnership agreement for a partnership, or an operating agreement for a
limited liability company (“LLC”). Since limited liability companies offer both the shield from personal liability of a corporation and the single taxation structure of a partnership, these are often the preferred structure for small businesses.
Adoption of Operating Agreements Under the New Jersey Revised Uniform Limited Liability Company Act
The New Jersey Revised Uniform Limited Liability Company Act defines an operating agreement thus: