If you own a Delaware LLC or are considering forming one, you may be wondering whether your LLC agreement will be publicly available. The short answer is that it depends on the specific circumstances of your LLC.
In Delaware, LLCs are required to file a Certificate of Formation with the Delaware Division of Corporations. This document includes basic information about the LLC, such as its name and address, but it does not typically include the LLC agreement.
However, there are certain situations in which the LLC agreement may become public. For example, if the LLC is involved in a legal dispute, the LLC agreement may be submitted as evidence in court and become part of the public record.
Additionally, if the LLC chooses to register for a tax identification number (TIN) with the Internal Revenue Service (IRS), it may be required to submit a copy of its LLC agreement as part of the registration process. This could potentially make the agreement accessible to the public, since the IRS maintains a public database of tax-exempt organizations and their associated documents.
If you are concerned about the confidentiality of your LLC agreement, there are a few steps you can take to help protect it. One option is to include a confidentiality clause in the agreement itself, which states that the agreement is confidential and may not be disclosed to third parties without the LLC`s consent. You may also want to consider filing a separate document, called an operating agreement, that spells out the LLC`s internal rules and procedures without disclosing sensitive information.
Overall, while Delaware LLC agreements are not typically public documents, there are certain situations in which they may become accessible to the public. As a business owner, it`s important to be aware of these potential risks and take steps to protect your LLC`s confidential information.
