Can an operating agreement be updated for an L.L.C. after an intial one is signed?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can an operating agreement be updated for an L.L.C. after an intial one is signed?

I have a simple operating agreement for my L.L.C. and would like to know if at a later date, I could submit a more detailed draft (if necessary)? And would this new draft void the other draft, once all members agree to sign and if there is a clause in the agreement saying that, “It will void all other signed agreements made prior to the signing of this new agreement”?

Asked on July 14, 2012 under Business Law, New Jersey

Answers:

Bradley Miller / Miller Law LLC

Answered 9 years ago | Contributor

Yes, an operating agreement can be amended. Normally, there will be a section in the agreement that explains the procedure to do so. If you follow that procedure, then the new operating agreement with the changes will be the controlling version (it won't necessarily void the previous version, it will just replace it). If your current operating agreement does not have a section that deals with amendments, then you will want to look to your state LLC laws to see if there is a default provision in there for handling amendments.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption