Self Directed IRA LLC Operating Agreement Example

  • 2 min read
  • Apr 17, 2020

An important part of starting up an LLC is drafting a Self Directed IRA LLC Operating Agreement. Making sure that all of the ownership and financial aspects of your new business will be run through you as the sole owner, is very important.

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An LLC or an S-Corporation (a public limited liability company) is always considered a partnership until the LLC is created and formed. This does not mean that the LLC will automatically be treated as a partnership but it will provide some protection for you. If the LLC is created without a partner or shareholder or if the LLC is created and formed with no partners or shareholders at all, the LLC would not have the same protection as an LLC with partners or shareholders.

One of the tax benefits that you may find in your states is that you are entitled to a reduced tax rate. This may be a nice addition to your LLC and business. Having more business tax savings may mean that you can pay your taxes on time. If you do not feel confident that you can manage the taxes and provide accurate tax information, you may want to contact an accountant or attorney that is experienced in dealing with your business taxes.

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You can create the LLC and create the operating agreement in either computer file or word document format. Having an operating agreement that is structured properly can protect you from future problems. If you do not have enough funds available to you to operate your business and you are already making payments on debt, you may want to consider liquidating your assets. You could use the money to pay off your debts or start the LLC.

An LLC with a limited liability company operating agreement may also contain restrictions that are only available in an LLC operating agreement. For example, under the LLC agreement, no one may receive dividends or other distributions until the LLC is formed and owned by the LLC owner, and, the LLC operating agreement prohibits all shareholders from receiving distributions.

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The limits and liabilities limits of your LLC should be covered in the operating agreement. You do not want to create an LLC with too many limits or you may have problems with creditors. It is often better to have fewer liability limits in an LLC because there is more protection for you financially.

When setting up your LLC, it is very important to write the operating agreement and restrictions so that there are no surprises down the road. By doing so, you will protect yourself and your LLC in the future.

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