Maine LLC Operating Agreement

Key Takeaways

• Maine law requires an LLC to have an operating agreement. Creating one lets you establish internal operations, ownership structure, and member responsibilities, minimizing potential conflicts.
• Our detailed templates for the Maine LLC Operating Agreement are designed to simplify the process of establishing your Limited Liability Company (LLC) in this state and safeguard your business interests.
• To form an LLC in Maine, you’ll need to file Articles of Organization with the Maine Secretary of State, appoint a registered agent, and satisfy the necessary filing fee.

Maine 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 Agreement

For exclusive ownership of an LLC in Maine, leverage this customized template designed to cater to the specific needs of single-member businesses.

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 Template

Promote collaboration and governance among LLC co-owners in Maine with this all-inclusive resource.

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 Template

Craft a structured partnership model for equitable ownership and management in a Maine LLC using this adaptable 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 Template

Efficiently delegate management responsibilities within a Maine LLC with this simplified approach.

Legal Requirements

Indeed, Limited Liability Companies in this state must possess an Operating Agreement. As per the stipulations of the Maine Revised Statutes:

• An LLC agreement must be in place or in the process of being established.
• The LLC agreement can be formulated before, after, or concurrently with filing a certificate of formation.

For matters not explicitly addressed in your Operating Agreement, the following provisions apply:

• They’re regulated by the Maine Revised Statutes Title 31, Chapter 21: Limited Liability Companies (MRS 31 §1501 through 1693)

How to Form LLC in Maine 

Forming a Limited Liability Company involves several key steps:

1. Naming Your LLC:

• The first step is to search and choose a unique name for your LLC that no other company in Maine already uses. “The name of the company should contain either “limited liability company,” “limited company,” or an acronym such as “LLC” or “LC.”

2. Assigning a Registered Agent: 

• A registered agent is a person or business entity authorized to accept legal documents for your LLC. The registered agent must be at least 18 and have a physical address in Maine.

3. Filing Your Certificate of Formation: 

• This involves completing the Certificate of Formation with the Secretary of State.

4. Creating Your Operating Agreement: 

• The LLC Operating Agreement details the operating procedures and ownership of the company.

5. Obtaining an Employer Identification Number (EIN): 

• An EIN, a Federal Tax Identification Number, is used to identify a business entity and pay corporate and employer taxes. You can apply for it for free on the IRS website.

6. File Your Annual Reports: Ensure compliance by filing your Maine LLC Annual Reports by June 1st annually. You can file it either online or create a pre-printed form. You’ll need to pay $85 for domestic LLCs and $150 for foreign LLCs. Seek expert advice from an accountant who can help you navigate other annual obligations.

Remember, while forming a Limited Liability Company can be done independently, you may also consider using professional services to ensure all steps are completed accurately and efficiently.

Maine LLC Laws

The laws governing Limited Liability Companies are outlined in the Maine Revised Statutes. Here are the Maine LLC laws regarding:

• State Income Tax: Maine does have a state income tax. For LLCs, the tax structure depends on your chosen tax structure and operations. If taxed as a corporation, rates range from 3.5% to 8.93%. If treated as a pass-through entity, LLC members pay Maine state income tax on profits, ranging from 5.8% to 7.15%.
• Annual Reporting Requirements: Maine requires LLCs to file annual reports by June 1st, with the appropriate fees for Domestic and Foreign LLCs.
• Foreign LLC Registration: A foreign LLC wishing to conduct business in Maine must file a Statement of Foreign Qualification to Conduct Activities. The filing fee is $250.
• Real Estate Considerations: If you’re considering investing in rental properties in Maine, forming an LLC can provide benefits such as protecting personal assets, shielding yourself from potential liabilities, and potentially enjoying tax benefits.
• Employment Laws: When hiring employees in Maine, employers must comply with federal and state employment laws, such as minimum wage requirements and anti-discrimination laws. Employers are also required to show both Federal and State Employment posters.