Key Takeaways
- Georgia law does not mandate an LLC to have an operating agreement, however, it is highly advisable to draft one.
- Utilize our free Georgia LLC Operating Agreement template to ensure compliance with state regulations.
- To form an LLC in Georgia, you’ll need to file Articles of Organization with the Georgia Secretary of State, designate a registered agent, and satisfy the required filing fee.
Georgia LLC Operating Agreement Templates by Type
Single Member LLC
Basic Single Member LLC Operating Agreement
Used 4,920 times
Are you required to uphold your limited liability corporation status in accordance with state law? If the business is sued, the owner’s assets may be safeguarded by this agreement.
Use Basic Single Member LLC Operating AgreementFor sole ownership of an LLC in Georgia, utilize this template.
Multi Member LLC
Multi-Member LLC Operating Agreement Template
Used 4,872 times
Ensure that your newly formed LLC is run the right way by having a multi-member operating agreement in place.
Use Multi-Member LLC Operating Agreement TemplateFacilitate collaboration and governance among LLC co-owners in Georgia with this template.
50/50 LLC
50/50 LLC Operating Agreement Template
Used 4,872 times
This free 50/50 LLC Operating Agreement template for businesses with equal ownership.
Use 50/50 LLC Operating Agreement TemplateEstablish a structured partnership framework for equal ownership and management in a Georgia LLC using this template.
Member-managed LLC
Member-Managed LLC Operating Agreement Template
Used 4,919 times
A manager is chosen by the firm owners to oversee day-to-day operations in a manager-managed LLC. Use this Member-Managed LLC Operating Agreement Template right away.
Use Member-Managed LLC Operating Agreement TemplateEffectively delegate management responsibilities within a Georgia LLC with this template.
Legal Requirements
While it’s not a legal necessity under Georgia law (§ 14-11-101), an operating agreement is highly recommended for both single-member and multi-member LLCs. An operating agreement is crucial for single members to maintain the corporate veil and establish proof of ownership.
On the other hand, multi-members benefit from an operating agreement as it provides clear guidelines for operations, voting rights, and member contributions. Thus, it’s a significant tool for ensuring smooth business operations and safeguarding members’ rights and interests.
How to Form LLC in Georgia
Setting up a Limited Liability Company is a relatively affordable and straightforward process compared to other states.
- Choosing Your LLC’s Name: The first step in establishing an LLC is to select a unique name for your business. It’s important to ensure that another company doesn’t already use the chosen name, as this could lead to legal complications. You can perform a name search of businesses to avoid any foreseeable issues. If the desired name is available, you can file your LLC paperwork. If you’re not ready to file yet, you can reserve the name for (30) days for a fee of $25.
- Submitting Your Georgia LLC Forms: You must submit different forms depending on whether your business is a domestic or foreign entity. Domestic entities or businesses must submit Articles of Organization online or by mail to the Georgia Secretary of State. The online process costs $100, while physical filings require an additional $10 fee.
- Selecting a Registered Agent: A registered agent is a person or organization authorized to accept legal documents on behalf of your LLC. This can be a state resident, corporation, or LLC authorized to do business in Georgia. The agent must possess a physical address located on a street within the state.
Remember, while having an operating agreement isn’t legally required, it’s highly recommended for single-member and multi-member LLCs. This document is crucial for maintaining the corporate veil, establishing proof of ownership, providing clear operational guidelines, and safeguarding members’ rights and interests.
Georgia LLC Laws
Establishing a Limited Liability Company involves steps and considerations:
- State Income Tax: In Georgia, LLCs must pay state income tax on their net income, even though they’re federally classified as pass-through entities. Tax rates vary from 1% to 5.75%, depending on the income bracket.
- Annual Reporting Requirements: Georgia law requires LLCs to submit an annual report. This report keeps the state updated about essential information, such as the LLC’s address and the names of its managers.
- Registered Agent Requirement: A registered agent is a person or entity authorized to accept legal documents on behalf of your LLC. Every LLC must have a registered agent with a physical address in Georgia.
- Foreign LLC Registration: If your LLC was initially formed in another state but you wish to do business in Georgia, you’ll need to register your LLC as a foreign LLC in Georgia.
- Real Estate Considerations: Owning real estate through an LLC in Georgia can provide additional liability protection. However, it’s essential to consider the potential tax implications and consult with a real estate attorney or tax professional.
- Employment Laws: If your LLC has employees, you must comply with federal and state employment laws. These laws cover minimum wage, overtime, safety regulations, and anti-discrimination rules.
