Creating an operating agreement helps you and your partners establish the operating rules for your business. It also can prevent future arguments and protect your business interests. This is particularly important in Connecticut because of the new Connecticut Uniform Limited Liability Company Act (CULLCA).
The CULLCA is used to govern LLCs when holes exist in operating agreements. For example, if an operating agreement does not specify otherwise, the CULLCA states any changes to the operating agreement must be approved unanimously. Unanimous agreement can be tough to reach. The act also stipulates to add a new member to an LLC, there must be complete agreement among all the LLC members. The exception, of course, is if your operating agreement states agreement does not have to be unanimous. Here are some things you should consider including in your LLC’s operating agreement.