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Pursuant to Section 275.015(21) of the Kentucky Revised Statutes, each Kentucky LLC should enter into a written or oral business agreement to regulate the operating procedures of the business. Even though most states, including Kentucky, don`t formally require you to have a company agreement to create an LLC, it`s still a good idea to have one. The agreement helps your business run and operate smoothly and protects you and your business from costly financial and management squabbles. It`s a good idea to establish a company agreement before submitting your organizational items, but the state doesn`t stop LLCs from waiting until the creation process is complete. Interestingly, some banks require you to submit a business agreement to open a bank account. We partnered with a business lawyer to develop free business agreement templates and a customizable business agreement tool. Simply log in to a free business center account to get started. Step 2 – Agreement – Enter the date of conclusion of the contract in TT/MM/YYY AN format An important advantage of a company agreement is the flexibility and freedom to decide how the company will operate. Members are free, as part of the agreement, to determine how and when the available funds will be distributed. This can be done annually or at more frequent intervals. The available resources are what remains after the payment of all expenses and debts.

As has already been said, the agreement will distribute how profits and losses are distributed. .