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New York LLC
New York LLC operating agreement
New York is one of the few states that makes an operating agreement mandatory. Section 417 of the LLC Law requires a written agreement, adopted before, when or within 90 days after you file your Articles of Organization.
The rule
Written, and within 90 days
The members must adopt a written operating agreement. It is not filed with the state: you keep it with the LLC's records and show it when a bank, landlord, partner or court asks.
The rule applies to single-member LLCs too. A one-owner agreement is short, but it still helps show that the LLC is separate from you.
What a New York operating agreement usually covers
- Who the members are and what each owns
- Whether the LLC is run by its members or by managers
- How profits, losses and money are split
- How decisions and votes work
- What happens when a member joins, leaves or dies
- How the LLC is dissolved
Included with every HourLLC LLC
Every order includes an operating agreement filled in with your LLC's name, members and management. Sign it, keep it, and you have met the 90 day rule. For complex deals between several owners, have a lawyer review it; HourLLC is a filing service, not a law firm.
FAQ
Questions, answered
Is an operating agreement required in New York?
Yes. Section 417 of the New York LLC Law requires the members to adopt a written operating agreement before, when or within 90 days after the Articles of Organization are filed.
Do I file it with the state?
No. It stays with the LLC's records.
Does a single-member LLC need one?
Yes, the rule applies to every New York LLC, including single-member LLCs.
Does HourLLC include one?
Yes. Every LLC order includes an operating agreement filled in with your LLC's details, at no extra cost.