Q: What is the state law for maryland if we do not have an operating agreement?
We formed an llc for a rental property
A: You need an Operating Agreement. Depending what isn’t defined, you may be defectively formed, in which case, the liability veil of the LLC can be pierced by claimants; or you are simply stuck with provisions for your LLC that apply only if there is no provision in the LLC Operating Agreement. Particularly if yours is a two-person show with no means of resolving disputes, your LLC is a train wreck waiting to happen. Forming an LLC can now be done on line for the filing fee in many states or for a very small purchase of an otherwise unnecessary form from LegalZoom and its competitors, but real lawyers make more money from the resulting train wrecks than they ever made from formation work.
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