A Maine LLC operating agreement is the key to helping you start a successful business that’s legally protected. The document includes all names and duties of the members, profit distribution, buy-out and sell-out procedures, and the dissolution process.
Is an LLC Operating Agreement Required in Maine?
YES, an LLC operating agreement is required in Maine.
By Type
Single-Member LLC Operating Agreement
Establish a set of rules for running a limited liability company that is owned and managed by one individual.
Multi-Member LLC Operating Agreement
Establish the decision-making procedures and member roles of your LLC.
Laws
The laws you need to follow regarding LLC operating agreements in Maine are included in Title 31, Chapter 21 of the Maine Revised Statutes:
- §1521: Limited liability company agreement; scope, function and limitations.
- §1523: Limited liability company agreement; effect on limited liability company and persons admitted as members; preformation agreement.
- §1524: Limited liability company agreement; effect on 3rd parties and relationship to records practical on behalf of limited liability company.
Costs and Fees
If you’re going to create an LLC in Maine, you should know that you’ll need to pay:
- Certificate of formation filing fee – $175 ($250 for foreign LLCs).
- Name reservation fee – $20.
- Annual fee – $85.
How to Form an LLC in Maine
By following these steps for registering an LLC in Maine, you’ll be able to get your business up and running in no time.
Step 1 – Choose a Name
The first step in learning how to apply for an LLC is to choose a name. In Maine, LLCs can also operate under a trade name known as a DBA. To do so, you must file a Statement of Intention to Transact Business Under an Assumed or Fictitious Name and pay a $125 fee.
Step 2 – Appoint a Registered Agent
Maine LLCs need a registered agent to tackle the service of the process. A registered agent can be a business entity authorized to do business in Maine or a resident. Either way, they must have a physical Maine street address.
Step 3 – File a Certificate of Formation
After you choose your registered agent, you must file a certificate of formation. This is one of the most essential parts of the process. Once your document is filled out, you’ll send it to the Maine Secretary of State. You’ll have to include your filing fee.
Step 4 – Prepare an Operating Agreement
Next, it’s time to prepare your operating agreement. Remember, not only is it a good idea to create an operating agreement, but it’s also a legality in Maine. Your operating agreement will document how you’ll run your LLC.
Once you have your operating agreement, file it away with a copy of your articles of organization and other critical business documents. You don’t need to submit the agreement, but you may need to present it to the government of Maine upon request.
Step 5 – Obtain an EIN
The last step to getting an LLC in Maine is an EIN number. Remember that you’ll need this to hire employees, open a bank account, take out a business credit card, or get a business loan. You won’t need to get an EIN if you’re running a single-member LLC. That’s because you can use your social security number.
Remember that you’ll need to get the EIN on the IRS website. This is a free process; you’ll receive your EIN shortly.
Sample
Download a Maine LLC operating agreement template below in PDF or Word format.
