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Articles of Organization and Operating Agreement

Asked by: Alan Ho - 6 July, 2011
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 My bank asks for the following documents for opening a new business account for my newly founded Delaware LLC. What are they: (1) Articles Of Organization (2) Operating Agreement
Answered by: Monique Blanchard - 12 July, 2011
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/50.jpg-60aa8d118f025d90495307344c27caa8 Alan,

Articles of Organization is an official document filed with the state which in essence creates the LLC under the laws of that state. Articles must be drafted to meet the State requirements to form an LLC. If you have the paperwork you have received from the state or from your Organizer you should see one that states "Articles of Organization" (in some states it would be Certificate of Organization, which is essentially the same).

Operating Agreement is an internal company document, not filed with the state, that governs the affairs and many aspects of the life of the company (such as membership terms etc). Usually this document is drafted by an attorney, however there are services such as MyLLCAgreement.com that allow you to draft a customized Operating Agreement for a fracture of what it would cost with an attorney (however, it is still often recommended to consult one).

Hope that helps.

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