For a new multi-member LLC where one partner manages day-to-day operations and two are passive investors, what type of LLC operating agreement is recommended on this site? Additionally, what is the definition of a Registered Agent?
Navigate to the 'LLC Operating Agreement' page. Identify the section discussing multi-member LLC operating agreements. Determine which type of multi-member LLC operating agreement (member-managed or manager-managed) is appropriate for the described management structure. State the recommended agreement type. Navigate to the 'Registered Agent' page. Locate and extract the definition of a Registered Agent from the page.
State that the 'Manager-Managed LLC Operating Agreement' is the recommended type. Provide the definition of a Registered Agent as an individual or business entity that accepts tax and legal documents on behalf of your business, and must have a physical address within the state and keep normal business hours.