Maine LLC Operating Agreement Template [PDF]

The Maine limited liability company (LLC) operating agreement is a legal document that outlines the day-to-day operation of the company and regulates the status of each member within the company.

The LLC operating agreement, or business operating agreement, has very few federal and state regulations that regulate the form of the document. That means that the members of the LLC are free to determine their relationship with one another and the operation of the company in any way, as long as it is in line with federal and state laws.

Is an Operating Agreement Required in Maine?

Yes, the state law requires every LLC to have an operating agreement. Although the operating agreement is required by state law, it is an internal document, meaning that the parties don’t have to file it with any state registry.

4 Main Types of Operating Agreements

In Maine, there are four main types of operating agreements the parties can choose from when establishing an LLC:

Types of Operating Agreements

Single-member LLC operating agreement: Used for LLCs with only one member. It is less complex since it only provides rules on how the company will operate without regulating the relationships between the members.
Multi-member LLC operating agreement: Here, the LLC is established by two or more members, and the operating agreement needs to regulate their mutual relationship and provide the operational structure of the company.
Member-managed LLC operating agreement: Used when the members decide to actively participate in the decision-making process within the company. The operating agreement must then outline the rights and duties of each member of the company.
Manager-managed LLC operating agreement: Here, the members want to authorize a professional manager to make decisions in the company. In that situation, the operating agreement must provide the rights and responsibilities of the professional manager.

Laws and Legal Requirements for LLC Operating Agreements in Maine

Title 31, Chapter 21 of the Maine Revised Statutes regulates the status of LLCs in Maine.

Moreover, there are a few sections that regulate the status of operating agreements in Maine:

Laws and Legal Requirements

§ 31-1521: (Scope, function, and limitations)
§ 31-1523: (Effect on company and members; preformation agreement)
§ 31-1524: (Effect on third parties and relationship to records effective on behalf of the company)

How to Form a Limited Liability Company (LLC) in Maine

The easiest way to form a limited liability company in Maine is by following the steps below:

How to Form a LLC in Maine

#1. Choose a Business Name For Your LLC

Firstly, you should choose the business name for your LLC. The business name should be distinguishable from other business names registered in Maine.

To check if your business name is distinguishable, you should go to the Secretary of State’s records and do preliminary research.

#2. Choose the Type of LLC

There are two main types of operating agreements you can choose from, depending on the place of company establishment:

Domestic LLC: Choose if you want to register a company in Maine.
Foreign LLC: Choose if you have already formed a company outside of Maine and you want to expand your business to Maine and register your company there as well.

#3. Nominate an Agent

In this step, you should choose a person who will receive official notifications and documents from governmental agencies on behalf of your LLC. It can be an individual with a registered address in Maine or a commercial entity that has the authority to operate in Maine.

#4. File the Registration Documents

For domestic LLCs, you must submit the Certificate of Formation by filling out Form MLLC-6.

For foreign LLCs, you must submit the Application for Authority to Do Business by filling out Form MBCA-12. For foreign LLCs, you should also submit the Certificate of Existence issued by the state where you established the company.

#5. Pay the Required Fee

When filing the registration documents, you should also pay the application fee of $175 for domestic LLCs and $250 for foreign LLCs.

#6. Create your LLC Operating Agreement

In Maine, you are required to create an operating agreement when registering an LLC. You can choose one of the operating agreement types based on the number of members in the LLC and the management of the company.

#7. Apply For an Employer Identification Number (EIN)

With this number, you will be able to open a bank account and hire employees. You can obtain it by completing Form SS-4 or at the IRS website.