Plain and simple . . . the New York Limited Liability Company Law requires at a minimum, that all LLCs adopt an operating agreement within 90 days of filing their articles of organization. However, despite this requirement, many LLCs operate on a daily basis without an agreement. While the NY LLC law is strict in its requirements, it is not explicit as to whether a business faces any fines or other consequences for failure to adopt an operating agreement. Given the lax enforcement of these provisions, businesses continue to run without fulfilling this simple requirement.
Read More