We provide an Attorney drafted Operating Agreement that has been drafted specifically for IRA owned LLCs and customized for the requirements of each state.
An Operating Agreement is a legal document for a LLC that governs the operation of the LLC and its members. It is generally required by a self-directed IRA custodian and required to open a bank account in the name of the LLC. An operating agreement for a LLC should contain special provisions applicable to an IRA and a standard or template agreement do not contain these provisions. Our attorney drafted agreements have been customized to take account of the special requirements for an IRA and to meet the requirements of each state.
Why You Need A Customized Operating Agreement for Your Self-Directed IRA LLC
Operating Agreements are Required for a Self-Directed IRA LLC. To utilize the benefits of a self-directed IRA LLC you must have an Operating Agreement. This is a legal document that governs the operation of the LLC and is necessary to open a bank account and is required by most self-directed IRA custodians. In other words, without the Operating Agreement your custodian will not allow you to transfer funds to a LLC, you cannot open a LLC bank account, and thus cannot have checkbook control of your assets.
Why You Need an Operating Agreement That is Designed Particularly for a Self-Directed IRA
Because an IRA has provisions and requirements that are unique to an IRA, you should use an Operating Agreement that contains provisions tailored to an IRA. A “generic” template Operating Agreement does not meet this need. Our agreements are customized for the particular requirements for each state and for the specific requirements for IRA ownership of the LLC. As IRA specialists we stand behind each and every document.
You generally need a “special purpose” Operating Agreement for your Self-Directed IRA LLC. A template or standard Operating Agreement will not contain the provisions appropriate for an IRA owned LLC. Specifically, a self-directed IRA LLC Operating Agreement should include special tax provisions relating to “Investment Retirement Accounts” and “Prohibited Transactions” pursuant to Internal Revenue Code Sections 408 and 4975. In addition, since the LLC will be managed by a manager and not the IRA owner/ member, the Operating Agreement would need to include special management provisions.
Moreover, if there is more than one IRA or person making the investment, it is imperative to have an Operating Agreement to delineate the ownership interests, the allocation of income and profits, how the investment will be managed, and how disputes will be handled.
Customized Language
You can have language inserted into your Operating Agreement based on your particular or specialized needs. All you need to do is enter the language you want included in the agreement. You do this right after you complete the questionnaire.
Note: To add your own language to the Agreement you must purchase a “Reviewed” agreement at checkout.
We are the ONLY company that provides a customized online self-directed IRA/LLC Operating Agreement after you answer a short questionnaire. By automating the process, we provide the same document you would receive if the Operating Agreement were drafted by hand in our affiliated law office, but at a fraction of the cost. Our automated process reduces considerably the time for completing all the steps necessary to have your checkbook control LLC.
Price for Operating Agreement by itself:
$250 Unreviewed Agreement
$300 Agreement reviewed by experienced IRA professional. Also entitles you to an unlimited number of edits.