LIMITED LIABILITY COMPANY FAQs! Do I need an operating agreement? An operating agreement governs the relationship between members of a Limited Liability Company (LLC). It is similar to the Bylaws in a Corporation. Although an operating agreement is not legally required, it is necessary to set out the rights & obligations amongst the members as it relates to the operation of the business. Are there AB5 LLC exemptions? California Assembly Bill 5 (AB5) requires companies that hire independent contractors to reclassify them as employees. But there are several exemptions in AB5. More than 50 professions & types of businesses are exempt, including insurance agents, attorneys, real estate agents, & certain types of business-to-business contractors. Do I need a lawyer? You may be penalized if you misclassify workers as independent contractors. When hiring an independent contractor it is best to consult with an experienced attorney. Carefully drafted independent contractor agreements are required which outline the duties & obligations of the parties. Still confused? Consult with #TheSterlingFirm 🏛⚖️ * ⠀ 🌐 www.thesterlingfirm.com⠀ 📧 [email protected]⠀ 📲 +1(310)498-2750⠀ * #lawyer #law #businesslawfirm #corporatelawyer #independentcontractor
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