For a multi-member LLC with one active managing partner and two passive investors, which type of operating agreement is recommended? Additionally, explain what a Registered Agent is and why it's required for an LLC, based on the information provided on this website.
Navigate to the 'LLC Operating Agreement' page. Scroll down to the 'Multi-Member LLC Operating Agreements' section. Identify the recommended operating agreement type for an LLC with one managing partner and passive investors. Navigate to the 'Registered Agent' page. Locate and extract the definition of a Registered Agent. Identify why a Registered Agent is required for an LLC.
State that the 'Manager-Managed LLC Operating Agreement' is recommended for the described multi-member LLC structure. Provide the definition of a Registered Agent as an individual or business entity that accepts tax and legal documents on behalf of your business. State that a Registered Agent must have a physical address within the state and keep normal business hours. Explain that most states require you to have a Registered Agent when forming an LLC or corporation.