Even with just a few days left until the New Year, there’s still time to create a Nevada limited-liability company (LLC) in 2013. The once burdensome process has been streamlined, and can be completed in less than an hour in many cases, thanks to the free Nevada SilverFlume Digital Operating Agreement (OA) software available at https://www.nvsilverflume.gov/digitaloa/home.
The Digital OA software provides a complete operating agreement for a new LLC from the initial steps of identifying company members or managers and their specific roles, including:
Defining the LLC and its business purpose, including entering members’ or managers' titles and roles.
Establishing a value, agreed upon by all members or managers, of all cash and non-cash contributions, and defining the allocation of profits by way of a percentage-based formula.
Defining the duties and responsibilities including members’ or managers' personal liability, fiduciary duty, financial records and capital accounts.
Withdrawal from the LLC or a transfer of interest in the LLC either voluntarily or involuntarily.
Default provisions of the Operating Agreement including amendments to the agreement of articles of organization, indemnification, approval of certain transactions, and dissolution.
The Digital OA concept is a best-practices model due to its ability to streamline complicated processes that hinder economic growth, and in its potential to redefine the relationship between government and the business constituency. Digital OA embodies one of the stated goals of the Nevada Secretary of State’s office – “encourage the development and diversification of the state’s business community by providing innovative, expeditious and cost-effective services.”