Xyz Limited Liability Company Operating Agreement Page 26
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28Memorandum of Items to Review
The following is a list of items to review periodically and be aware of concerning your
LLC.
ITEM
INSTRUCTIONS
1. Tax Return
An LLC can be a separate entity for tax purposes;
therefore, it may file its own yearly 1065 tax return
with K-1 forms. [Partnership taxation]
2. Financial Statements
Financial statements for the LLC should be prepared
annually.
3. Meetings
There should be an LLC meeting at least annually to
review the records and business activities of the
LLC.
4. Gifting
Gifting of interests in the LLC can be an excellent
estate and income tax planning move. We
recommend that you meet with your attorney or tax
expert yearly for proper gifting of interests in the
event you desire to gift interests in your LLC to
others.
5. Accountant
Please advise your accountant or tax preparer
immediately of the creation of your LLC if there are
any questions or needed clarification. Also, be sure to
apply for your Federal LLC identification number
(SS-4).
6. Amended Certificate
An Amended Certificate of LLC must be filed when
certain changes occur such as the addition or removal
of a Member.
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